please show the consumer surplus andproducer surplus in the graph13. Refer to Figure 6-7. Which of the following price controls would cause a shortage of 20 units of the good?a. a price ceiling set at $6b. a price ceiling set at $5c. a price floor set at $9d. a price floor set at S8Figure 7-19PriceAyddns157065605545353025+20+1510Demandi à is is 16 n1 21 22 23 a 25 Deannty14. Refer to Figure 7-19. If the govermment imposes a price ceiling of $55 in this market, then total surplus will bea. S187.50.b. S125.00.c. $250.00.d. $266.67.

The price ceiling reflects how much a price should be charged for the goods at maximum. Consumer…

Figure 7-19 Price Supply 15 10 65 60 40 35 30 25 20 15 Demand Dannity 14. Refer to Figure 7-19. If the government imposes a price ceiling of $5S in this market, then total surplus will be a. S187,50. b. S125.00. c. $250.00. d. $266.67.

Figure 7-19 Price Supply 15 10 65 60 40 35 30 25 20 15 Demand Dannity 14. Refer to Figure 7-19. If the government imposes a price ceiling of $5S in this market, then total surplus will be a. S187,50. b. S125.00. c. $250.00. d. $266.67.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 7SCQ: What is the effect of a price ceiling on the quantity demanded of the product? What is the effect of...

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Question

please show the consumer surplus and
producer surplus in the graph
13. Refer to Figure 6-7. Which of the following price controls would cause a shortage of 20 units of the good?
a. a price ceiling set at $6
b. a price ceiling set at $5
c. a price floor set at $9
d. a price floor set at S8
Figure 7-19
Price
Ayddns
15
70
65
60
55
45
35
30
25+
20+
15
10
Demand
i à is is 16 n1 21 22 23 a 25 Deannty
14. Refer to Figure 7-19. If the govermment imposes a price ceiling of $55 in this market, then total surplus will be
a. S187.50.
b. S125.00.
c. $250.00.
d. $266.67.

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