SECTION# PRI Use the graph below to answer questions 6 through 10. Supply NAME NAME PRINT LAST NAME, FIRST NAME Use the g Price (S) 20 15 10 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 6. $400; $200 $200; $400 C. a. d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: 7. 20. 60. a. C. b. 40. d. 80. 8. If there is a price floor set at $15, consumer surplus will be equal to surplus will be equal to $50; $100 $50; $175 and producer a. $100; $100 $100; $175 C. 6. d. 9. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: a. 20. b. 40. 60. C. 10. d. 80. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 $175; $50 a. and b. C. $200; $25 $200; $50 d.
SECTION# PRI Use the graph below to answer questions 6 through 10. Supply NAME NAME PRINT LAST NAME, FIRST NAME Use the g Price (S) 20 15 10 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 6. $400; $200 $200; $400 C. a. d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: 7. 20. 60. a. C. b. 40. d. 80. 8. If there is a price floor set at $15, consumer surplus will be equal to surplus will be equal to $50; $100 $50; $175 and producer a. $100; $100 $100; $175 C. 6. d. 9. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: a. 20. b. 40. 60. C. 10. d. 80. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 $175; $50 a. and b. C. $200; $25 $200; $50 d.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Question 9
Transcribed Image Text:SECTION#
PRI
Use the graph below to answer questions 6 through 10.
Supply
NAME
NAME
PRINT LAST NAME, FIRST NAME
Use the g
Price (S)
20
15
10
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
6.
$400; $200
$200; $400
C.
a.
d.
If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market
will be equal to:
7.
20.
60.
a.
C.
b.
40.
d.
80.
8.
If there is a price floor set at $15, consumer surplus will be equal to
surplus will be equal to
$50; $100
$50; $175
and producer
a.
$100; $100
$100; $175
C.
6.
d.
9.
If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this
market will be equal to:
a.
20.
b.
40.
60.
C.
10.
d.
80.
If there is a price ceiling set at $7.50, consumer surplus will be equal to
producer surplus will be equal to
$175; $25
$175; $50
a.
and
b.
C.
$200; $25
$200; $50
d.
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