Five Multiple Choice.Full Points Will Be Rewarded, Help please. Need the right a

Question

Five Multiple Choice.Full Points Will Be Rewarded, Help please. Need the right answers.
6.

If resources are allocated efficiently,



a. deadweight loss is maximized.

b. the sum of consumer surplus and producer surplus is minimized.

c. the sum of consumer surplus and producer surplus is maximized.

d. marginal social benefit is maximized.

7.

In an unregulated housing market with no rent ceiling,



a. renters pay a lower rent compared to what they pay in a market with an effective rent ceiling.

b. landlords receive less compared to what they receive in a market with an effective rent ceiling.

c. rental units are allocated inefficiently.

d. rental units are allocated efficiently.

8.

Refer to the table below. If a government-enforced price ceiling is set at $10, then

Price (dollars per unit per week) Quantity demanded(units per week) Quantity supplied (units per week) 10 200 100 15 150 150 20 100 200



a. 100 units will be sold at a price of $15 each.

b. 100 units will be sold at a price of $10 each.

c. 100 units will be sold at a price of $20 each.

d. 150 units will be sold at a price of $15 each.

9.

A price ceiling set below the equilibrium price will result in
a. market efficiency.

b. excess demand.

c. a decrease in quantity demanded.

d. an increase in quantity supplied.

10.

Referring to the table below, what is the equilibrium wage rate?


Wage Rate ($ per hour) Quantity Demanded (hours per month) Quantity Supplied (hours per month) 6 40 20 7 30 30 8 20 40 9 10 50



a. $6

b. $7

c. $8

d. $9

Explanation / Answer

c

d

c

a

b

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