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PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 through 10. Price (S) Supply 15 10 7.5 5 Demand 0 10 20 30 40 50 60 70 Quantity When this market is in equilibrium, consumer surplus is equal to surplus is equal 6. and producer $200; $100 $400; $200 $200; $400 а. с. b. $100; $200 d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: 7. 20. а. 60. с. b. 40. 80 d. If there is a price floor set at $15, consumer surplus will be equal to 8. and producer surplus will be equal to $50; $100 $50; $175 а. $100; $100 $100; $175 с. b. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. 20. а. 60. с. b. 40. d. 80. 10. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 $175; $50 and а. $200; $25 $200; $50 с. b. d. Chapter 7 Assignments 142 20

PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 through 10. Price (S) Supply 15 10 7.5 5 Demand 0 10 20 30 40 50 60 70 Quantity When this market is in equilibrium, consumer surplus is equal to surplus is equal 6. and producer $200; $100 $400; $200 $200; $400 а. с. b. $100; $200 d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: 7. 20. а. 60. с. b. 40. 80 d. If there is a price floor set at $15, consumer surplus will be equal to 8. and producer surplus will be equal to $50; $100 $50; $175 а. $100; $100 $100; $175 с. b. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. 20. а. 60. с. b. 40. d. 80. 10. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 $175; $50 and а. $200; $25 $200; $50 с. b. d. Chapter 7 Assignments 142 20

Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
Problem 6PA
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I need help with questions 6 through 10. I do not understand how to read the graph based on the questions asked.

PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 through 10. Price (S) Supply 15 10 7.5 5 Demand 0 10 20 30 40 50 60 70 Quantity When this market is in equilibrium, consumer surplus is equal to surplus is equal 6. and producer $200; $100 $400; $200 $200; $400 а. с. b. $100; $200 d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: 7. 20. а. 60. с. b. 40. 80 d. If there is a price floor set at $15, consumer surplus will be equal to 8. and producer surplus will be equal to $50; $100 $50; $175 а. $100; $100 $100; $175 с. b. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. 20. а. 60. с. b. 40. d. 80. 10. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 $175; $50 and а. $200; $25 $200; $50 с. b. d. Chapter 7 Assignments 142 20
Transcribed Image Text:PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 through 10. Price (S) Supply 15 10 7.5 5 Demand 0 10 20 30 40 50 60 70 Quantity When this market is in equilibrium, consumer surplus is equal to surplus is equal 6. and producer $200; $100 $400; $200 $200; $400 а. с. b. $100; $200 d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: 7. 20. а. 60. с. b. 40. 80 d. If there is a price floor set at $15, consumer surplus will be equal to 8. and producer surplus will be equal to $50; $100 $50; $175 а. $100; $100 $100; $175 с. b. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. 20. а. 60. с. b. 40. d. 80. 10. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 $175; $50 and а. $200; $25 $200; $50 с. b. d. Chapter 7 Assignments 142 20
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