7. Match each concept in Column A with an example in Column B. Column A Column B Consumer surplus 1. Profits а. b. The government mandates that the price 2. A price ceiling of milk must be at least $3 per gallon С. Marginal change 3. An increase in demand of one unit d. Producer surplus 4. A loss in social welfare that occurs when a market is not in equilibrium Deadweight loss 5. Part of the psychic benefits of buying something е. f. 6. A school of economics that opposes The government mandates that the price of gas can be no higher than $4 per gal- lon government regulation 9. Laissez-faire economics 7. A price floor

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
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7. Match each concept in Column A with an example in Column B.
Column A
Column B
Consumer surplus
1. Profits
а.
Ihe government mandates that the price
of milk must be at least $3 per gallon
b.
2. A price ceiling
С.
Marginal change
3. An increase in demand of one unit
d.
Producer surplus
4. A loss in social welfare that occurs when
a market is not in equilibrium
Deadweight loss
5. Part of the psychic benefits of buying
something
е.
f.
The government mandates that the price
of gas can be no higher than $4 per gal-
6. A school of economics that opposes
government regulation
lon
g.
Laissez-faire economics
7. A price floor
Transcribed Image Text:7. Match each concept in Column A with an example in Column B. Column A Column B Consumer surplus 1. Profits а. Ihe government mandates that the price of milk must be at least $3 per gallon b. 2. A price ceiling С. Marginal change 3. An increase in demand of one unit d. Producer surplus 4. A loss in social welfare that occurs when a market is not in equilibrium Deadweight loss 5. Part of the psychic benefits of buying something е. f. The government mandates that the price of gas can be no higher than $4 per gal- 6. A school of economics that opposes government regulation lon g. Laissez-faire economics 7. A price floor
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