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Price (dollars per pound) 6.00- 5.00- 4.00- 3.00- 2.00- 1.00- 0.00- 8. 12 16 20 Quantity (billions of pounds per year) The graph shows the market for apples. The government introduces a price support for apples and sets the support price at $4.50 a pound. 1. With the price support, the quantity produced is because O A. efficient; marginal benefit equals marginal cost O B. efficient, marginal cost is less than marginal benefit OC. inefficient, this market is always inefficient O D. inefficient; marginal benefit is less than marginal cost O E. inefficient; marginal cost is less than marginal benefit 2. lose and gain from the price support. O A. Consumers and taxpayers; farmers and the government O B. Taxpayers; farmers and consumers O C. Consumers and taxpayers; farmers O D. Farmers; consumers and taxpayers 3. The deadweight loss is $ billion. >>> Answer to 1 decimal place.

Price (dollars per pound) 6.00- 5.00- 4.00- 3.00- 2.00- 1.00- 0.00- 8. 12 16 20 Quantity (billions of pounds per year) The graph shows the market for apples. The government introduces a price support for apples and sets the support price at $4.50 a pound. 1. With the price support, the quantity produced is because O A. efficient; marginal benefit equals marginal cost O B. efficient, marginal cost is less than marginal benefit OC. inefficient, this market is always inefficient O D. inefficient; marginal benefit is less than marginal cost O E. inefficient; marginal cost is less than marginal benefit 2. lose and gain from the price support. O A. Consumers and taxpayers; farmers and the government O B. Taxpayers; farmers and consumers O C. Consumers and taxpayers; farmers O D. Farmers; consumers and taxpayers 3. The deadweight loss is $ billion. >>> Answer to 1 decimal place.

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
Problem 10PA
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Price (dollars per pound) 6.00 5.00- 4.00- 3.00- 2.00- 1.00- 0.00+ 4. 8. 12 16 20 Quantity (billions of pounds per year) The graph shows the market for apples. The government introduces a price support for apples and sets the support price at $4.50 a pound. because 1. With the price support, the quantity produced is O A. efficient; marginal benefit equals marginal cost O B. efficient, marginal cost is less than marginal benefit O C. inefficient; this market is always inefficient O D. inefficient; marginal benefit is less than marginal cost O E. inefficient, marginal cost is less than marginal benefit 2. lose and gain from the price support. O A. Consumers and taxpayers; farmers and the government O B. Taxpayers; farmers and consumers O C. Consumers and taxpayers; farmers O D. Farmers; consumers and taxpayers 3. The deadweight loss is $ billion. >>> Answer to 1 decimal place. 4. The outcome is O A. always fair unless consumers are richer than farmers O B. fair by the fair-result view of fairness and fair by the fair-rules view of fairness O C. unfair by the fair-result view of fairness unless farmers are poorer than consumers, and unfair by the fair-rules view of fairness O D. always unfair SI
Transcribed Image Text:Price (dollars per pound) 6.00 5.00- 4.00- 3.00- 2.00- 1.00- 0.00+ 4. 8. 12 16 20 Quantity (billions of pounds per year) The graph shows the market for apples. The government introduces a price support for apples and sets the support price at $4.50 a pound. because 1. With the price support, the quantity produced is O A. efficient; marginal benefit equals marginal cost O B. efficient, marginal cost is less than marginal benefit O C. inefficient; this market is always inefficient O D. inefficient; marginal benefit is less than marginal cost O E. inefficient, marginal cost is less than marginal benefit 2. lose and gain from the price support. O A. Consumers and taxpayers; farmers and the government O B. Taxpayers; farmers and consumers O C. Consumers and taxpayers; farmers O D. Farmers; consumers and taxpayers 3. The deadweight loss is $ billion. >>> Answer to 1 decimal place. 4. The outcome is O A. always fair unless consumers are richer than farmers O B. fair by the fair-result view of fairness and fair by the fair-rules view of fairness O C. unfair by the fair-result view of fairness unless farmers are poorer than consumers, and unfair by the fair-rules view of fairness O D. always unfair SI
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