Question 1
Geoff is willing to pay $13 for a sixth entrance to a mountain bike park. The market price for entrance is $10.50. The bike park is willing to accept $8.75. The total economic surplus generated from Geoff's sixth trip to the bike park is
◦ $10.50.
◦ $1.75.
◦ $2.50.
◦ $4.25.
◦ $13.00.
Question 2
Consider a market that is in equilibrium with a market-clearing price.
Economic surplus is shown by
◦ the area that is both below the demand curve and above the supply curve.
◦ the area below the supply curve up to the equilibrium quantity and below the demand curve beyond the equilibrium quantity.
◦ the area that is both above the demand curve and below the supply curve.
◦ the area to the right of the market-clearing price and quantity.
◦ the intersection of the supply and demand curves.
Retrograde pyelogram. A contrast medium is injected into the ureter using a cystoscope, and the X-ra
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