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- In time of this pandemic, would a price ceiling be an effective solution to the high prices of masks offered by suppliers (being that a mask can be seen as a necessity )Supply and demand curves for an item of medical equipment are shown in the graph below. In order to compete with a new product by a rival company, the price is temporarily lowered to $20,000. What is the reduction (from equilibrium) in producer surplus that results from this artificially low price?A price ceiling is only effective if it is above the market equilibrium. True False
- If a binding price ceiling is imposed on the baby formula market, then SelectIf one gas station reduces its prices, must other gas stations match the price reduction? Why or why not?The demand equation for the BWS Bluetooth wireless loudspeaker is p = −0.07x + 250 where x is the quantity demanded per month and p is the unit price in dollars. The corresponding supply equation is given by p = 0.035x + 40 where x is the quantity demanded per month and p is the unit price in dollars. Find the equilibrium quantity and the equilibrium price for the BWS Bluetooth wireless loudspeakers. equilibrium quantity units equilibrium price $
- A price ceiling is a government policy that makes it illegal to charge a price Question 17 options: above some specified level. below some specified level. for a good or service. below the equilibrium price. above the equilibrium price.If there is any price ceiling and price floor imposition on these two products, 1. Sony Television 2. Samsung Mobile phone what would be the effect?Calculate the effect of a subsidy on the equilibrium price and quantity.
- If a price ceiling is binding in a given market, the effect on supplier profits through quantity is: no effect decreased increased indeterminateIf a subsidy of $3 is given to consumers in the market above, what is the new price consumers pay?Fresh broccoli is really good for you, and the Surgeon General of the United States wants people to eat more of it. “People would eat more broccoli if it didn’t cost so much,” the Surgeon General says. So the Surgeon General proposes placing a price ceiling on fresh broccoli of $1 per pound, which is well below the market price of about $2 per pound. Will the price ceiling on broccoli achieve the Surgeon General’s goal of increasing the amount of broccoli consumed? Explain why or why not. (A properly drawn and labeled graph likely will improve your answer, but a graph is not necessary for full credit on this question.