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ECON_ 103_B_Fall_2026:Principles of Microeconomics

ECON_ 103_B_Fall_2026:Principles of Microeconomics

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The endowment effect suggests that that people

are concerned about the welfare of others.

act in ways to distort market prices.

have a strong attachment to their property, regardless of whether they paid to acquire it.

have a strong sense of fairness.

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Many people leave their servers tips in restaurants, even when they are not likely to visit the restaurant again. This is evidence that

there has been an improvement in the service people receive in restaurants over time, partly because the restaurant industry has become more competitive.

people would rather pay for good service at an inexpensive restaurant than pay higher prices and receive poor service at an expensive restaurant.

people treat others fairly even if doing so makes them worse off financially.

people enjoy eating at restaurants more than eating at home.

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If the slope of a demand curve is equal to -0.1 then

the demand is elastic at low prices and inelastic at high prices.

we don't know whether the demand is elastic or inelastic.

demand is inelastic.

===as price increases by 10 percent quantity demanded decreases by 1 percent.

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Suppose that when the price per ream of recycled printer paper rises from $4 to $4.50, the quantity demanded falls from 800 to 600 reams per day. Using the midpoint formula, what is the price elasticity of demand (in absolute value) over this range?

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Bettye Babylon does not charge admission to her arboreal estate, the Hanging Gardens. Due to space limitations, Bettye only allows 200 visitors per day at her estate. The figure represents the supply and demand for admission to the Hanging Gardens.

Refer to Figure 10-3. At a price of ________, there is neither a shortage nor surplus of tickets.

between $10 and $25

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If, when a firm doubles all its inputs, its average cost of production decreases, then production displays

declining fixed costs.

diminishing returns.

economies of scale.

diseconomies of scale.

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The economic model of consumer behavior predicts that

consumers will choose to buy the combination of goods and services that make them as well off as possible from those combinations that their budgets allow them to buy.

consumers will try to earn as much income as they can over their lifetimes.

consumers divide their time between consumption and leisure activities in order to maximize social welfare.

consumers will try to accumulate as many goods and services as they can before they die.

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If Paul decides to buy a $60 ticket to a Cirque du Soleil show rather than a $45 ticket for a Blue Man Group performance, we can conclude that

Paul is not making a rational choice.

the marginal utility per dollar spent on Cirque du Soleil is lower than the marginal utility per dollar spent on Blue Man Group.

Paul's demand for a ticket to see Cirque du Soleil is more elastic than his demand for a ticket to see Blue Man Group.

the marginal utility per dollar spent on Cirque du Soleil is higher than the marginal utility per dollar spent on Blue Man Group.

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Jayanthi moves her yoga studio from her home to a space she rents in Oakland, California. Holding everything else constant, as a result of this move

her implicit cost falls and her explicit cost rises.

her opportunity cost rises.

her explicit cost falls and her implicit cost rises.

her economic cost rises.

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Figure 9-1 shows the U.S. demand and supply for leather footwear.

Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $18. What is the value of consumer surplus?

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