Market Reference: Ref 14-5 _(Figure: The Shrimp Market) Examine the figure The S

Question

Market Reference: Ref 14-5 _(Figure: The Shrimp Market) Examine the figure The Shrimp Market. If the government imposes a quota limiting sales of shrimp to 1,000 pounds, the quota rent per pound is: $15. $10. $5. $0. 6. Quantity controls set below the equilibrium quantity cause all of these EXCEPT: incentives for illegal activities. missed opportunities in the form of mutually beneficial transactions that don't occur. the supply price of the quantity transacted exceeding the demand price of the quantity transacted. quota rents. 7. Which is NOT an inefficiency caused by price floors? inefficiently low quality inefficient allocation of sales among sellers wasted resources illegal activity

Explanation / Answer

(1) $ 15

(2) incentives for illegal activities

(3) illegal activity

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