Use the graph below to answer questions 6 through 10. Price ($) Supply 15 10 7.5 5 Demand 0 10 20 30 40 50 60 70 Quantity When this market is in equilibrium, consumer surplus is equal to 6. and producer surplus is equal to $200; $100 $100; $200 $400; $200 $200; $400 а) с. b. d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: a b. 7. 20. 60. с. 40. d. 80. If there is a price floor set at $15, consumer surplus will be equal to 8. and producer surplus will be equal to $50; $100 $50; $175 $100; $100 $100; $175 а. с. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. 20. 60. а. с. b. 40. d. 80. If there is a price ceiling set at $7.50, consumer surplus will be equal to 10. and producer surplus will be equal to $175; $25 $175; $50 $200; $25 $200; $50 a. с. b. d. Chapter 7 Assignments 142 l 20
Use the graph below to answer questions 6 through 10. Price ($) Supply 15 10 7.5 5 Demand 0 10 20 30 40 50 60 70 Quantity When this market is in equilibrium, consumer surplus is equal to 6. and producer surplus is equal to $200; $100 $100; $200 $400; $200 $200; $400 а) с. b. d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: a b. 7. 20. 60. с. 40. d. 80. If there is a price floor set at $15, consumer surplus will be equal to 8. and producer surplus will be equal to $50; $100 $50; $175 $100; $100 $100; $175 а. с. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. 20. 60. а. с. b. 40. d. 80. If there is a price ceiling set at $7.50, consumer surplus will be equal to 10. and producer surplus will be equal to $175; $25 $175; $50 $200; $25 $200; $50 a. с. b. d. Chapter 7 Assignments 142 l 20
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I need help with questions 9 and 10.
Transcribed Image Text:Use the graph below to answer questions 6 through 10.
Price ($)
Supply
15
10
7.5
5
Demand
0 10 20 30 40 50 60 70
Quantity
When this market is in equilibrium, consumer surplus is equal to
6.
and producer
surplus is equal to
$200; $100
$100; $200
$400; $200
$200; $400
а)
с.
b.
d.
If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market
will be equal to:
a
b.
7.
20.
60.
с.
40.
d.
80.
If there is a price floor set at $15, consumer surplus will be equal to
8.
and producer
surplus will be equal to
$50; $100
$50; $175
$100; $100
$100; $175
а.
с.
d.
If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this
market will be equal to:
9.
20.
60.
а.
с.
b.
40.
d.
80.
If there is a price ceiling set at $7.50, consumer surplus will be equal to
10.
and
producer surplus will be equal to
$175; $25
$175; $50
$200; $25
$200; $50
a.
с.
b.
d.
Chapter 7 Assignments
142
l
20
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