1) If the government sets a maximum price for gasoline above the equilibrium pri

Question

1) If the government sets a maximum price for gasoline above the equilibrium price: Select one:

a. quantity demanded of gasoline will equal to quantity supplied of gasoline.

b. there will be excess demand for gasoline.

c. there will be excess supply for gasoline.

2)

Refer to Figure 6.1. If the price of a donut is $1.25, consumer surplus is:

Select one:

a. $1.75.

b. $ .75.

c. $ .50.

3)

Refer to Figure 6.3. If the price of one hour of tutoring is $20, then producer surplus is:

Select one:

a. $40.

b. $30.

c. $10.

4) Which of the following would result from a quota imposed on the quantity of sweaters that can be imported into the U.S.?

Select one:

a. an increase in producer surplus

b. consumers will pay higher prices

c. an increase in consumer surplus

Explanation / Answer

1. c. there will be excess supply for gasoline.

2. fig. is missing

3. fig. is missing

4. a. an increase in producer surplus

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.