Homework Answers
A price floor is a legal minimum price and it usually is set above equilibrium price to make the price floor binding. Therefore, it creates an excess supply because when a price is set above equilibrium, at that price, quantity supplied exceeds quantity demanded.
A price ceiling on the other hand is legal maximum price which is usually set below equilibrium to make the ceiling binding and effective. When a price is set below equilibrium, quantity demanded exceeds quantity supplied and that creates an excess demand.
So, compared to price floor, a price ceiling will create an excess demand for a particular good in a competitive market.
Answer: demand
Add Answer to:
just checking if this is right
47:29 49/50 FEEDBACK Content attribution Question 48 Compared to a...
FEEDBACK Content attribution QUESTION 16.1 POINT Suppose an economy has a private domestic savings of $245...
FEEDBACK Content attribution QUESTION 16.1 POINT Suppose an economy has a private domestic savings of $245 billion, a government surplus of $500 billion, and private domestic investment of $1,125 billion. How much is the trade deficit (in billions of dollars)? Recall the savings investment formula: S+(M -X) = 1 + (G-T) Provide your answer below: billion FEEDBAC Content attribution QUESTION 17 - 1 POINT A country's level of trade tells how much of its production it QUESTION 18 • 2...
tomes levels have increased. O e. unit elastic. QUESTION 47 Elasticty of supply is defined as:...
tomes levels have increased. O e. unit elastic. QUESTION 47 Elasticty of supply is defined as: O a. the change in price divided by the change in quantity supplied. b, the % change in the price of one good divided by the % change in the quantity of another good. c, the % change in quantity supplied divided by the % change in price. d, the % change in income divided by the % change in quantity supplied. e, the...
1. 2. 3. 4. 5. QUESTION 9.1 POINT Which of the following is not an example...
1.
2.
3.
4.
5.
QUESTION 9.1 POINT Which of the following is not an example of an economic model Select the correct answer below: the production possibilities frontier O the demand and supply framework o the market price of a good o the flow of payments in the economy FEEDBACK QUESTION 10 . 1 POINT Which of the following are considered financial intermediaries Select the correct answer below: insurance companies O pension funds banks O All of the above....
O an increase in the income of consumers of oranges D | Question 28 2 pts...
O an increase in the income of consumers of oranges D | Question 28 2 pts When the government places a tax on a good and all else is held constant, which of the following would most likely happen? O The government receives no tax revenue if the tax is more than 20 percent. O The overall consumption of the good decreases, assuming the good does not have a vertical demand curve. O The price and quantity adjust back to...
Question 1 Given the following diagram, answer questions 1.1 to 1.3: Price Q3 QEQo Q2 04...
Question 1 Given the following diagram, answer questions 1.1 to 1.3: Price Q3 QEQo Q2 04 Quantity 1.1 P2 represents a price imposed by the government. What is the quantity of this good that would be exchanged in the market? A) Q. B) O C) D) Q3 E) Q. 1.2 To be effective, a price floor must lie A) above P, but below P. B) below P, but above P, C) anywhere above P, D) anywhere below P. E) within...
If there's an $11 tax so that the new equilibrium price is $29 and the new...
If there's an $11 tax so that the new equilibrium price is $29 and the new equilibrium quantity is 2000, then the government collects__ in tax revenue. The relative burden in this situation will be Hint: the relative burden is Elasticity of Supply //- Elasticity of Demand) and also equals consumer burden/producer burden. Price (dollars) Consumer surplus Supply Demand Producer surplus 0 1,000 2,000 3,300 Quantity of good X (units) Figure 10.PERFECT COMPETITION MAXIMIZES TOTAL SURPLUS, THE SUM OF CONSUMER...
got these questions wrong, need help with the correct answers, thanks Question 16 2 pts Exhibit...
got these questions wrong, need help with the correct answers,
thanks
Question 16 2 pts Exhibit 4-1 Quantity Quantity Price demanded supplied $1.00 100 1.20 1.40 1.50 1.60 If the price of the good described in Exhibit 4-1 is $1.50, then there will be 70 units bought and sold in this market O a suprlus of 70 units no units bought or sold in this market O a layoff of all workers in this industry O a shortage of 70...
whole question: Just answer as many as possible, dont have to be 100% 1. Consider the...
whole question: Just answer as many as possible, dont have to be
100%
1. Consider the market for dried beans in a small town of 9,000 consumers. Let each consumer's preferences over beans (B, in pounds) and other goods (G) be given by U(B,G) = 120 +G For the rest of this question, fix the price of other goods at PG = 1 and let each consumer have a total weekly budget of I = 100. (a) Write the budget...
Please help with these questions Question 45 0.4 pts Refer to the accompanying figure to answer...
Please help with these questions
Question 45 0.4 pts Refer to the accompanying figure to answer the following questions. Price and Cost MC ATC Quantity If the price is $3, the firm is making a profit and will exit the market. O zero profits and the market is at long-run equilibrium. O a proft and more firms will enter the market. O a loss and will exit the market. a loss and more firms will enter the market. Question 46...
answer every single picture QUESTION 5 Suppose James transfers $500 from his checking account to...
answer every single picture
QUESTION 5 Suppose James transfers $500 from his checking account to his savings account. As a result of this action, OM1 stays the same and M2 falls. M1 falls and M2 stays the same. OBoth M1 and M2 fall. OBoth M1 and M2 stay the same. We were unable to transcribe this image1 poi QUESTION 7 Suppose the required reserve ratio is 25%. Assuming that banks hold no excess reserves and consumers hold no cash, this...
FEEDBACK Content attribution QUESTION 16.1 POINT Suppose an economy has a private domestic savings of $245 billion, a government surplus of $500 billion, and private domestic investment of $1,125 billion. How much is the trade deficit (in billions of dollars)? Recall the savings investment formula: S+(M -X) = 1 + (G-T) Provide your answer below: billion FEEDBAC Content attribution QUESTION 17 - 1 POINT A country's level of trade tells how much of its production it QUESTION 18 • 2...
tomes levels have increased. O e. unit elastic. QUESTION 47 Elasticty of supply is defined as: O a. the change in price divided by the change in quantity supplied. b, the % change in the price of one good divided by the % change in the quantity of another good. c, the % change in quantity supplied divided by the % change in price. d, the % change in income divided by the % change in quantity supplied. e, the...
1.
2.
3.
4.
5.
QUESTION 9.1 POINT Which of the following is not an example of an economic model Select the correct answer below: the production possibilities frontier O the demand and supply framework o the market price of a good o the flow of payments in the economy FEEDBACK QUESTION 10 . 1 POINT Which of the following are considered financial intermediaries Select the correct answer below: insurance companies O pension funds banks O All of the above....
O an increase in the income of consumers of oranges D | Question 28 2 pts When the government places a tax on a good and all else is held constant, which of the following would most likely happen? O The government receives no tax revenue if the tax is more than 20 percent. O The overall consumption of the good decreases, assuming the good does not have a vertical demand curve. O The price and quantity adjust back to...
Question 1 Given the following diagram, answer questions 1.1 to 1.3: Price Q3 QEQo Q2 04 Quantity 1.1 P2 represents a price imposed by the government. What is the quantity of this good that would be exchanged in the market? A) Q. B) O C) D) Q3 E) Q. 1.2 To be effective, a price floor must lie A) above P, but below P. B) below P, but above P, C) anywhere above P, D) anywhere below P. E) within...
If there's an $11 tax so that the new equilibrium price is $29 and the new equilibrium quantity is 2000, then the government collects__ in tax revenue. The relative burden in this situation will be Hint: the relative burden is Elasticity of Supply //- Elasticity of Demand) and also equals consumer burden/producer burden. Price (dollars) Consumer surplus Supply Demand Producer surplus 0 1,000 2,000 3,300 Quantity of good X (units) Figure 10.PERFECT COMPETITION MAXIMIZES TOTAL SURPLUS, THE SUM OF CONSUMER...
got these questions wrong, need help with the correct answers,
thanks
Question 16 2 pts Exhibit 4-1 Quantity Quantity Price demanded supplied $1.00 100 1.20 1.40 1.50 1.60 If the price of the good described in Exhibit 4-1 is $1.50, then there will be 70 units bought and sold in this market O a suprlus of 70 units no units bought or sold in this market O a layoff of all workers in this industry O a shortage of 70...
whole question: Just answer as many as possible, dont have to be
100%
1. Consider the market for dried beans in a small town of 9,000 consumers. Let each consumer's preferences over beans (B, in pounds) and other goods (G) be given by U(B,G) = 120 +G For the rest of this question, fix the price of other goods at PG = 1 and let each consumer have a total weekly budget of I = 100. (a) Write the budget...
Please help with these questions
Question 45 0.4 pts Refer to the accompanying figure to answer the following questions. Price and Cost MC ATC Quantity If the price is $3, the firm is making a profit and will exit the market. O zero profits and the market is at long-run equilibrium. O a proft and more firms will enter the market. O a loss and will exit the market. a loss and more firms will enter the market. Question 46...
answer every single picture
QUESTION 5 Suppose James transfers $500 from his checking account to his savings account. As a result of this action, OM1 stays the same and M2 falls. M1 falls and M2 stays the same. OBoth M1 and M2 fall. OBoth M1 and M2 stay the same. We were unable to transcribe this image1 poi QUESTION 7 Suppose the required reserve ratio is 25%. Assuming that banks hold no excess reserves and consumers hold no cash, this...
Most questions answered within 3 hours.
-
Humans have used horses for transportation for millions of
years. Therefore, they will use horses for...
asked 1 hour ago -
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 1 hour ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 2 hours ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 2 hours ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 3 hours ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 3 hours ago -
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 3 hours ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 4 hours ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 4 hours ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 4 hours ago -
By using Arduino write a code that connects two LEDs to two
push-buttons. Each button controls...
asked 5 hours ago -
Bank of America has bonds that pay a coupon interest rate of 5.5
percent and mature...
asked 6 hours ago