Figure 6-2 Price $20- 18- 16- 14 12 10 8- 6- 2 10 20 30 40 50 60 70 80 90 100 Quantity Refer to Figure 6-2. If the government imposes a binding price ceiling of $8 in this market, what is the result? a. a shortage of 20 units b. a surplus of 40 units .C. a shortage of 40 units X d. a surplus of 20 units

Figure 6-2 Price $20- 18- 16- 14 12 10 8- 6- 2 10 20 30 40 50 60 70 80 90 100 Quantity Refer to Figure 6-2. If the government imposes a binding price ceiling of $8 in this market, what is the result? a. a shortage of 20 units b. a surplus of 40 units .C. a shortage of 40 units X d. a surplus of 20 units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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41 Rental Housing Price Market F $2,250 I of E $1,500 B Price $750 Ceiling 2,000 4,000 6,000 Quantity (Q) In the market for rental housing shown in the diagram above, the government has imposed a Price Ceiling at $750. Which of the following would be true? Select one: а. There will be a shortage of 4,000 housing units. b. There will be a shortage of 2,000 housing units. c. There will be neither a shortage nor a surplus because the Price Ceiling will be non-binding. d. There will be a surplus of 2,000 housing units.
Equilibrium price or market clearing price is theprice whereSelect one:a. Demand and supply curves interactO b. Price ceiling is imposed0 C. Government fixes the pricesO d. Buyer forced seller
Price $28 $24 $20 $16 $12 $8 $4 Supply. Demand 1,000 2,000 3,000 4,000 5,000 6,000 Quantity of Pizzas C. $12 D. $14 E. None of these answers is correct. Refer to the graph above. If this market is in equilibrium, the consumer surplus generated by the 2,000th pizza is A. $4 B. $8
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Exhibit 3-8 Demand and supply data for Video games Price $75 70 Quantity Demanded of Video games Quantity Supplied of Video games 400 900 450 850 65 500 800 60 550 750 55 600 700 50 650 650 45 700 600 40 750 550 26. Exhibit 3-8 presents supply and demand data for the video game market. If the price of video games was currently $70, there would be an of video games in this market. a. excess demand; 450 b. excess demand; 500 C. excess supply; 400 d. excess supply; 850 e. excess demand; 400
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If a price ceiling is set below the equilibrium price in a market, A. raioning will be necessary. B. surpluses of the commodity will develop. C. the quantity demanded will exceed the quantity supplied. D. tje quantity supplied willexceed the quantitiy demanded.
Price 27.5 CHOKRESE DEDELS 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 Supply Demand 5 10 15 20 25 30 35 40 45 50 55 60 65 70 Quantity Refer to the figure. When the price falls from $45 to $35, consumer surplus increases by $100 from new consumers entering the market. O increases by $50 from new consumers entering the market. increases by $50 from consumers who were already buying the good now paying a lower price. decreases by $50 from consumers who were already buying the good now paying a lower price.
See the chart on the first picture to answer those two questions in second picture.