Homework Answers
Answer : 16 units sold
Price ceiling is the limit imposed by government on how much the price of a commodity should increase. Above that level, price should not be increased. Price ceiling are usually set by government when the price charged by the seller become unaffordable to regular consumers. Here from the graph it can be understood that when the price ceiling is $40, 16 units are sold.
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Question 7 1 pts Refer to the figure below. If the government set a price ceiling...
Refer to the figure below. If the government sets a price ceiling at $20, there would...
Refer to the figure below. If the government sets a price
ceiling at $20, there would be a(n):
a) excess shortage of 26 units.
b) excess supply of 22 units.
c) shortage of 20 units.
90 80 70 60 50 40 30 20 10 4 8 12 16 20 24 28 32 36
Refer to the figure below. If the government set a price floor of $30, there would...
Refer to the figure below. If the government set a price floor
of $30, there would be
a) zero excess supply
b) excess supply of 16 units
c) excess supply of 12 units
90 80 70 60 50 40 30 20 10 4 8 12 16 20 24 28 32 36
Refer to the figure below. If the government sets a price ceiling of $8, consumers would...
Refer to the figure below. If the government sets a price
ceiling of $8,
consumers would demand 12 units.
there would be a shortage of 12 units.
there would be an excess supply of 4 units.
18 16 14 12 10 8 4 2 4 6 8 10 12 14 16 18
Refer to Figure 5.2. An example of an effective price ceiling would be if the government set rental rates for apartments at
25. Refer to Figure 5.2. An example of an effective price ceiling would be if the government set rental rates for apartments at a $700 b.$600 c. $400. d.$500.26. Refer to Figure 5.2. At the effective (binding) price ceiling: a quantity supplied exceeds quantity demanded b. demand exceeds supply c. supply exceeds demand d. quantity demanded exceeds quantity supplied 27. Refer to Figure 5.2. At the effective (binding) price ceiling a. the price will remain constant because the market is in equilibrium. b. the price will increase because...
Question 36 Figure 6-32 Price 20 ELENTEND 10 20 30 40 50 60 70 80 100...
Question 36 Figure 6-32 Price 20 ELENTEND 10 20 30 40 50 60 70 80 100 Quantity Refer to Figure 6-32. Which of following statements is true based upon the conditions in the market? a shortage will develop when a price ceiling is imposed at a price of S10. a surplus will develop when a price floor is imposed at a price of $8. a surplus will develop when a price floor is imposed at a price of $12. a...
21) Refer to Figure 9-17. Without trade, consumer surplus is 1 point Figure 9-17 1 Price...
21) Refer to Figure 9-17. Without trade, consumer surplus is 1 point Figure 9-17 1 Price Domestic Supply World price + tariff World Price Domestic Demand 4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 76 80 84 88 92 96 100 Quantity O a. $400 and producer surplus is $200. b. $400 and producer surplus is $800. O c. $1,600 and producer surplus is $200. O d. $1,600 and producer...
Consider the market shown below. The government has imposed a price ceiling of $18. Problem 6-2...
Consider the market shown below. The government has imposed a
price ceiling of $18.
Problem 6-2 Consider the market shown below. The government has imposed a price ceiling of $18. Price (S) 48 42 36 30F 24 18 12 Tools -9 Qs -p QD Price Ceiling 20 40 60 80 100120140160180200220240 Quantity 30 24 18 12 Price Celling 20 40 60 80 100120140160180200220240 Quantity Instructions: Use the tools provided to plot the quantity demanded (QD) and the quantity supplied (Qs)....
Refer to the figure below. Supply 24 PRICE 16 10 Demand 70 100 QUANTITY The amount...
Refer to the figure below. Supply 24 PRICE 16 10 Demand 70 100 QUANTITY The amount of the tax per unit is $8. $14 $6. $18. Question 10 Refer to the figure below. Supply 7 6 5 PRICE Price Ceiling 3 2 Demand 1 30 60 90 120 150 180 210 240 QUANTITY The price ceiling cause quantity supplied to exceed quantity demanded by 60 units. demanded to exceed quantity supplied by 90 units. demanded to exceed quantity supplied by...
suppose that Figure 6-3 Panel (a) Panel (b) lo IP 10 IM Price Floor Price Ceiling...
suppose that
Figure 6-3 Panel (a) Panel (b) lo IP 10 IM Price Floor Price Ceiling 2 4 6 8 10 12 14 16 Quantity -+ 4 + 6 + 8 + + + 10 12 14 16 Duality 3. Refer to Figure 6-3. A binding price floor is shown in a. both panel (a) and panel (b). b. panel (a) only. c. panel (b) only. d. neither panel (a) nor panel (b). ght Congage Leaming. Powered by Cognero. >...
o Price > Quantity Refer to the diagram. An offective government-set price ceiling is best illustrated...
o Price > Quantity Refer to the diagram. An offective government-set price ceiling is best illustrated by Select one: a. price B. b. quantity E. c. price c. d. price A.
Refer to the figure below. If the government sets a price
ceiling at $20, there would be a(n):
a) excess shortage of 26 units.
b) excess supply of 22 units.
c) shortage of 20 units.
90 80 70 60 50 40 30 20 10 4 8 12 16 20 24 28 32 36
Refer to the figure below. If the government set a price floor
of $30, there would be
a) zero excess supply
b) excess supply of 16 units
c) excess supply of 12 units
90 80 70 60 50 40 30 20 10 4 8 12 16 20 24 28 32 36
Refer to the figure below. If the government sets a price
ceiling of $8,
consumers would demand 12 units.
there would be a shortage of 12 units.
there would be an excess supply of 4 units.
18 16 14 12 10 8 4 2 4 6 8 10 12 14 16 18
Question 36 Figure 6-32 Price 20 ELENTEND 10 20 30 40 50 60 70 80 100 Quantity Refer to Figure 6-32. Which of following statements is true based upon the conditions in the market? a shortage will develop when a price ceiling is imposed at a price of S10. a surplus will develop when a price floor is imposed at a price of $8. a surplus will develop when a price floor is imposed at a price of $12. a...
21) Refer to Figure 9-17. Without trade, consumer surplus is 1 point Figure 9-17 1 Price Domestic Supply World price + tariff World Price Domestic Demand 4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 76 80 84 88 92 96 100 Quantity O a. $400 and producer surplus is $200. b. $400 and producer surplus is $800. O c. $1,600 and producer surplus is $200. O d. $1,600 and producer...
Consider the market shown below. The government has imposed a
price ceiling of $18.
Problem 6-2 Consider the market shown below. The government has imposed a price ceiling of $18. Price (S) 48 42 36 30F 24 18 12 Tools -9 Qs -p QD Price Ceiling 20 40 60 80 100120140160180200220240 Quantity 30 24 18 12 Price Celling 20 40 60 80 100120140160180200220240 Quantity Instructions: Use the tools provided to plot the quantity demanded (QD) and the quantity supplied (Qs)....
Refer to the figure below. Supply 24 PRICE 16 10 Demand 70 100 QUANTITY The amount of the tax per unit is $8. $14 $6. $18. Question 10 Refer to the figure below. Supply 7 6 5 PRICE Price Ceiling 3 2 Demand 1 30 60 90 120 150 180 210 240 QUANTITY The price ceiling cause quantity supplied to exceed quantity demanded by 60 units. demanded to exceed quantity supplied by 90 units. demanded to exceed quantity supplied by...
suppose that
Figure 6-3 Panel (a) Panel (b) lo IP 10 IM Price Floor Price Ceiling 2 4 6 8 10 12 14 16 Quantity -+ 4 + 6 + 8 + + + 10 12 14 16 Duality 3. Refer to Figure 6-3. A binding price floor is shown in a. both panel (a) and panel (b). b. panel (a) only. c. panel (b) only. d. neither panel (a) nor panel (b). ght Congage Leaming. Powered by Cognero. >...
o Price > Quantity Refer to the diagram. An offective government-set price ceiling is best illustrated by Select one: a. price B. b. quantity E. c. price c. d. price A.
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