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.
Ans: Shortage of 20 units
Explanation:
At price of $20, Quantity demanded is 30 units and quantity supplied is 10 units. So, there is a shortage of 20 units.
Thus, option [c] is correct answer.
Refer to the figure below. If the government sets a price ceiling at $20, 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 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 7 1 pts Refer to the figure below. If the government set a price ceiling of $40, there would be: TTTT 4 8 12 16 20 24 28 32 36 16 units sold 12 units sold 28 units sold
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...
The figure illustrates the market for coffee in Guatemala Price 150 140 130 120 110 100 90 80 70 Domestic supply World pnce Domestic demand 50 30 20 10 2 468 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 Quanity Refer to Figure 9-1. With trade, Guatemala will export 22 units of coffee. export 10 units of coffee. import 30 units of coffee. import 12 units...
QUESTION 15 Figure 6-6 Tarice 10 20 30 40 50 60 70 80 quantity Refer to Figure 6-6. If the government imposes a price ceiling of $8 on this market, then there will be O a. a shortage of 10 units. O b. a shortage of 20 units. O c. no shortage. O d. a shortage of 40 units.
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...
Refer to the table below. If the price of the good is $6.00, there would be a (b Price Quantity DemandedQuantity Supplied $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 (blank) of_(blank) - units. 20 30 40 50 60 70 90 80 60 50 40 20 Select one: O a. surplus, 60 O b. shortage, 40 O c. surplus, 20 O d. shortage, 20
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80 104 130 Quantity Suppose the market in the graph is originally in equilibrium at a price of $15. If the government implements a price ceiling at $20, what will be the market outcome? 7. a. Surplus of 90 units b. Surplus of 54 units c. Shortage of 90 units d. Shortage of 54 units e. Market will remain in equilibrium with a quantity of...
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...