7. Match each concept in Column A with an example in Column B. Column A Column B Consumer surplus 1. Profits а. b. The government mandates that the price 2. A price ceiling of milk must be at least $3 per gallon С. Marginal change 3. An increase in demand of one unit d. Producer surplus 4. A loss in social welfare that occurs when a market is not in equilibrium Deadweight loss 5. Part of the psychic benefits of buying something е. f. 6. A school of economics that opposes The government mandates that the price of gas can be no higher than $4 per gal- lon government regulation 9. Laissez-faire economics 7. A price floor

7. Match each concept in Column A with an example in Column B. Column A Column B Consumer surplus 1. Profits а. b. The government mandates that the price 2. A price ceiling of milk must be at least $3 per gallon С. Marginal change 3. An increase in demand of one unit d. Producer surplus 4. A loss in social welfare that occurs when a market is not in equilibrium Deadweight loss 5. Part of the psychic benefits of buying something е. f. 6. A school of economics that opposes The government mandates that the price of gas can be no higher than $4 per gal- lon government regulation 9. Laissez-faire economics 7. A price floor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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