Question

t0 0 pg1g-d-Term Exam Dr. Hope E. Dameron 24. A tax on consurmers of a good would shift the curve down and cause the price paid by consumers to a. supply; increase b. demand: decrease, then return to its original level c. supply; decrease d. demand, increase supply; increase, them returm to its original level e. 25. What is the amount of the shortage or surplus in the market for public transportation when the price ceiling is $1.757 Market for Public Transportation S0.75 100,000 $1.00 92,000 $1.25 86,000 $1.50 80,000 $1.75 75,000 $2.00 68,000 antity Supplied 65,000 80,000 86,000 100,000 115,000 a. 100,000 b. 86,000 c. 75,000 d. 40,000 e. 0 (zero) 26. What will an individual do differently as a seller in the black market in the long rum? a. He or she will substitute away from producing the product. He or she will substitute toward producing the product. When there exists a binding price floor, he or she will be able to sell the good at a higher price. b. e. d. When there exists a binding price ceiling, he or she will be able to sell the good at a lower e. What he or she does as a seller in the long run will be no different from what he or she does Use the following table to answer the following questions price in the short run. Market for Corn Year Price 2.50 3 $3.00 4 S3.50 $4.00 $4.50 S5.00 200,000 186,000 184,000 169,000 161,000 155,000 120,000 100,000 125,000 141,000 169,000 181,000 200,000 223,000

Answer 1

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