NAME PRINT L Use the graph below to answer Supply Price ($) 20 15 7.5 Demand Quantity 0 10 20 30 40 50 60 70 and producer When this market is in equilibrium, consumer surplus is equal to surplus is equal to $200; $100 $100; $200 $400; $200 $200; $400 6. C. a. b. d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market 7. will be equal to: 20. 40. 60. a. C. b. d. 80. 8. and producer If there is a price floor set at $15, consumer surplus will be equal to surplus will be equal to $50; $100 $50; $175 a. $100; $100 $100; $175 C. b. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. a. 20. b. 40. C. 60. d. 80. 0. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 b. $175; $50 a. and $200; $25 $200; $50 C. d. anter 7 Assignments 142 10

NAME PRINT L Use the graph below to answer Supply Price ($) 20 15 7.5 Demand Quantity 0 10 20 30 40 50 60 70 and producer When this market is in equilibrium, consumer surplus is equal to surplus is equal to $200; $100 $100; $200 $400; $200 $200; $400 6. C. a. b. d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market 7. will be equal to: 20. 40. 60. a. C. b. d. 80. 8. and producer If there is a price floor set at $15, consumer surplus will be equal to surplus will be equal to $50; $100 $50; $175 a. $100; $100 $100; $175 C. b. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. a. 20. b. 40. C. 60. d. 80. 0. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 b. $175; $50 a. and $200; $25 $200; $50 C. d. anter 7 Assignments 142 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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