Figure #1 Price $20 18 16 14 12 10 8 4. 2 10 20 30 40 50 60 70 80 90 100 Quantity Refer to Figure #1. If the government imposes a price ceiling at $8.00 in this market, the result is a O surplus of 30 units of the good O shortage of 20 units of the good shortage of 30 units of the good shortage of 50 units of the good

Figure #1 Price $20 18 16 14 12 10 8 4. 2 10 20 30 40 50 60 70 80 90 100 Quantity Refer to Figure #1. If the government imposes a price ceiling at $8.00 in this market, the result is a O surplus of 30 units of the good O shortage of 20 units of the good shortage of 30 units of the good shortage of 50 units of the good

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Price $20- 18- 16- 14 12 10 8 6- 4 2- 0 10 20 30 40 50 90 100 Quantity Refer to the Figure 4-3. If the price in this market is currently $14, what would happen? O a. There would be a shortage of 20 units so producers would increase production. O b. There would be a surplus of 20 units and the price would tend to fall. O c. There would be a shortage of 40 units so producers would increase production. O d. There would be a surplus of 40 units and the price would tend to fall.
Label axis and curves. Determine if the situation is a Demand or a Supply and specify which non-price determinants is involved. Illustrate on the graphs: o the new curve, the surplus OR shortage created the new Price at the new E 4. Answer the following scenarios for each of the next Non-Price questions 1 b) The minimum wage in Canada increased to 20$/h. Market of cheap noodles X
6. What would happen to the market if the price ceiling was set above the equilibrium?
QUESTION 19 Figure Tyrice 20 18 16 14 12 10 D 4 2 10 20 30 40 50 60 70 80 quantitty Refer to Figure. If the government imposes a price ceiling of $6 on this market, then there will be O a. a shortage of 40 units. O b.no shortage. O C. a shortage of 30 units. o d. a shortage of 20 units.