The following graph depicts a market where a tax has been imposed. Pe was the equilibrium price before the tax was imposed, and Qe was the equilibrium quantity. After the tax, Pc is the price that consumers pay, and Ps is the price that producers receive. QT units are sold after the tax is imposed. NOTE: The areas B and C are rectangles that are divided by the supply curve ST. Include both sections of those rectangles when choosing your answers. P P. P₁ E C ST QT Q₂ a

What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?

Select the correct answer. A price floor will usually shift: demand supply both neither Illustrate your answer with a diagram.

Question 20 Use the following information to answer the following questions. The following graph depicts a market where a tax has been imposed. Pe was the equilibrium price before the tax was imposed, and Qe was the equilibrium quantity. After the tax, Pc is the price that consumers pay, and Ps is the price that producers receive. QT units are sold after the tax is imposed. NOTE: The areas B and C are rectangles that are divided by the supply curve ST. Include both sections of those rectangles when choosing your answers. s, A Pc B Pe Ps E What is the total amount of producer and consumer surplus (i.e., social welfare) in this market after

The government decides to impose a price ceiling on a good because it thinks the market-determined price is too high. If it imposes the price ceiling above the equilibrium price: consumers will purchase less of the good after the price ceiling is imposed. neither producers nor consumers will change their behavior. O producers will respond to the higher price and therefore offer fewer units for sale O consumers will respond to the higher price and therefore wish to purchase less of the good than at the equilibrium price.

Complete the following

Consider the market for beef. Suppose that the government has established a price ceiling on beef at price Po. Initially, the market is in equilibrium and the price ceiling is not binding. Draw the supply and demand curves for pounds of beef, as well as the price ceiling Suppose a new medical study comes out supporting the health benefits of eating beef, causing demand to rise so much that the price ceiling becomes binding. Shift the demand curve to reflect the news and label the shortage that occurs due to the price ceiling. RA. A 952

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A Gain from Trade occurs when a unit is sold for a price greater than the unit of the good is worth to a seller and, simultaneously, bought for a price less than the good is worth to a buyer. Consider the first 2 units of the good that would be sold in this market (the vertical red line on the graph). which answer choices are correct for the graph given bellow?

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