Price ($) 2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 TABLE 5-1 (thousands per week) 1500 1600 1700 1800 1900 2000 Select one: O A. 2100 OB. 1850 O C. 2000 O D. 1800 O E. 1900 2100 2200 2300 (thousands week) 2100 2050 2000 1950 1900 1850 1800 1750 1700 Refer to Table 5-1. Suppose the government established a price ceiling of $1.00 per chocolate bar. How many thousands of chocolate bars would be exchanged per week?
Price ($) 2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 TABLE 5-1 (thousands per week) 1500 1600 1700 1800 1900 2000 Select one: O A. 2100 OB. 1850 O C. 2000 O D. 1800 O E. 1900 2100 2200 2300 (thousands week) 2100 2050 2000 1950 1900 1850 1800 1750 1700 Refer to Table 5-1. Suppose the government established a price ceiling of $1.00 per chocolate bar. How many thousands of chocolate bars would be exchanged per week?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Please see attachment and type out the correct answer for each question n give detailed explanation of each option given.
Transcribed Image Text:Price
($)
2.00
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
TABLE 5-1
(thousands per
week)
1500
1600
1700
1800
1900
2000
2100
2200
2300
Select one:
O A. 2100
OB. 1850
O C. 2000
OD. 1800
O E. 1900
Refer to Table 5-1. Suppose the government
established a price ceiling of $1.00 per
chocolate bar. How many thousands of
chocolate bars would be exchanged per
week?
Show Transcribed Text
(thousands
week)
2100
2050
2000
1950
1900
1850
1800
1750
1700
C
Select one:
O A.
Consider a market for some good where a
binding price floor is in place. The surpluses
associated with this binding price floor will be
the smallest when
both supply and demand are unit
elastic.
O B. supply is highly inelastic and
demand is highly elastic.
O C. both supply and demand are highly
elastic.
O D. both supply and demand are highly
inelastic.
O E. supply is highly elastic and demand
is highly inelastic.
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