The steel industry has been able to get a law passed that guarantees that steel will be sold for $500 per ton. The competitive equilibrium is $400 per ton. As a result of this legislation Select one: a. steel consumers would be willing to pay $400 per ton for steel. b. less steel than the efficient quantity will be produced. c. more steel than the efficient quantity will be produced. d. consumer surplus will increase in value.

The steel industry has been able to get a law passed that guarantees that steel will be sold for $500 per ton. The competitive equilibrium is $400 per ton. As a result of this legislation Select one: a. steel consumers would be willing to pay $400 per ton for steel. b. less steel than the efficient quantity will be produced. c. more steel than the efficient quantity will be produced. d. consumer surplus will increase in value.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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