QUESTION 3: Refer to the graph below and answers the following questions. All Underling work must be shown to earn full credit. 8. Supply 4 2. Demand 40 80 120 160 A. Refer to the graph above. When the market is in equilibrium, consumer surplus is equal to: A) 160 B) 320 C) 240 D) 80 B. Refer to the graph above. When the market is in equilibrium, producer surplus is equal to: C) 80. A) 160 B) 240. D) 320. C. Refer to the graph above. With an effective price ceiling at $2, total consumer surplus would be A) 240 B) 200 C) 160. D) 320. D. Refer to the graph above. The effective price ceiling at $2 increases the amount of a product that consumers buy to120 units, therefore all consumers in this market are better off with the price ceiling at $2. Briefly explain your choice of answer. TRUE ( FALSE ( E. Refer to the graph above. With an effective price ceiling at $2, the reduction in economic surplus and market efficiency would be: A) 0. B) 160 C) 40 D) 80 F. Refer to your answer above. How the market efficiency can berestored?

QUESTION 3: Refer to the graph below and answers the following questions. All Underling work must be shown to earn full credit. 8. Supply 4 2. Demand 40 80 120 160 A. Refer to the graph above. When the market is in equilibrium, consumer surplus is equal to: A) 160 B) 320 C) 240 D) 80 B. Refer to the graph above. When the market is in equilibrium, producer surplus is equal to: C) 80. A) 160 B) 240. D) 320. C. Refer to the graph above. With an effective price ceiling at $2, total consumer surplus would be A) 240 B) 200 C) 160. D) 320. D. Refer to the graph above. The effective price ceiling at $2 increases the amount of a product that consumers buy to120 units, therefore all consumers in this market are better off with the price ceiling at $2. Briefly explain your choice of answer. TRUE ( FALSE ( E. Refer to the graph above. With an effective price ceiling at $2, the reduction in economic surplus and market efficiency would be: A) 0. B) 160 C) 40 D) 80 F. Refer to your answer above. How the market efficiency can berestored?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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