The graph shows the market for shrimp. The government passes a new law that requires producers to sell 100 pounds of shrimp a day. www This market for shrimp is because OA. inefficient; the marginal benefit from the 100th pound of shrimp is greater than the marginal cost of the 100th pound of shrimp OB. efficient; the marginal cost of the 100th pound of shrimp equals the marginal benefit from the 100th pound of shrimp OC. efficient; production is greater than zero OD. inefficient; more shrimp could be produced OE. inefficient; the marginal cost of the 100th pound of shrimp is greater than the marginal benefit from the 100th pound of shrimp A Draw the deadweight loss when production is 100 pounds of shrimp a day. Label it DWL. Selected: none ▸ 10.00- 9.00- 8.00- 7.00- 6.00- 5.00 4.00- 3.00- 2.00- 1.00- 0.00- Price (dollars per pound) 0 3.00 D 40 60 80 100 120 140 Quantity (pounds per day) >>> Draw only the objects specified in the question. 20 V Delete Clear ? S
The graph shows the market for shrimp. The government passes a new law that requires producers to sell 100 pounds of shrimp a day. www This market for shrimp is because OA. inefficient; the marginal benefit from the 100th pound of shrimp is greater than the marginal cost of the 100th pound of shrimp OB. efficient; the marginal cost of the 100th pound of shrimp equals the marginal benefit from the 100th pound of shrimp OC. efficient; production is greater than zero OD. inefficient; more shrimp could be produced OE. inefficient; the marginal cost of the 100th pound of shrimp is greater than the marginal benefit from the 100th pound of shrimp A Draw the deadweight loss when production is 100 pounds of shrimp a day. Label it DWL. Selected: none ▸ 10.00- 9.00- 8.00- 7.00- 6.00- 5.00 4.00- 3.00- 2.00- 1.00- 0.00- Price (dollars per pound) 0 3.00 D 40 60 80 100 120 140 Quantity (pounds per day) >>> Draw only the objects specified in the question. 20 V Delete Clear ? S
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The graph shows the market for shrimp.
The government passes a new law that requires producers to sell 100 pounds of
shrimp a day.
***
This market for shrimp is
OA. inefficient; the marginal benefit from the 100th pound of shrimp is greater
than the marginal cost of the 100th pound of shrimp
because
B. efficient; the marginal cost of the 100th pound of shrimp equals the
marginal benefit from the 100th pound of shrimp
OC. efficient; production is greater than zero
OD. inefficient; more shrimp could be produced
O E. inefficient; the marginal cost of the 100th pound of shrimp is greater than
the marginal benefit from the 100th pound of shrimp
A
Draw the deadweight loss when production is 100 pounds of shrimp a day. Label it
DWL.
Selected:
none
▸
10.00
9.00-
8.00-
7.00-
6.00-
5.00-
4.00-
3.00-
13.00
2.00-
1.00-
0.00
Price (dollars per pound)
0
20
40
60
80
100
Quantity (pounds per day)
>>> Draw only the objects specified in the question.
S
Delete Clear ?
D
120 140
Next
X
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