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- The area under the demand curve up to unit Q 1 represents the total ____ of Q 1 to society. A. surplus B. gain C. cost D. benefitWhen the prices of necessities such as gas and bottled water rise as a result of a natural disaster, it is efficient for the government to impose price controls to keep suppliers from price gouging consumers.If the price of a good starts out below the equilibrium price without a price control, then (please choose all the answers that are correct) A. suppliers will supply less, pushing the price down B. consumers will compete to bid the price up C. suppliers will compete to bid the price up D. the market starts with a surplus of supply over demand E. consumers will demand more than the equilibrim quantity
- Holding all else constant, an increase in the price of a good would necessarily Group of answer choices increase the supply of the good. increase consumer surplus. decrease consumer surplus. decrease producer surplus. increase social welfare.The output level that occurs in any market that is in equilibrium: a) is the quantity where the supply curve intersects the y-axis. b) is the quantity where the demand curve intersects the x-axis. c) is the quantity at an output level where buyers will pay more than suppliers require. d) is an output level where buyers will not pay as much as suppliers require. e) is the quantity where the demand and supply curves intersect each other. ?If quantity demanded exceeds quantity supplied, so that there is a surplus of a good as in the case of a binding price ceiling, sellers can ration the good according to their personal biases, or make buyers wait in line. Select one: a. True b. False
- Marginal willingness to pay at a given quantity can be found by: A: Is given by the equilibrium market price no matter the particular quantity being considered. B: Finding the price associated with that quantity on the demand curve. C: Finding the price associated with that quantity on the supply curve D: Looking at where the supply curve and demand curve intersect.For a certain item the demand curve is p = D(q) = 20 q + 1 and the supply curve is p = S(q) = q + 2. Find the equilibrium price and equilibrium quantity. Then compute the consumer and producer surplus.A surplus (excess) condition will cause the supplier / producer to increase the price to get more profit so that the price returns to the equilibrium point.True or false?
- The following graph shows the supply curve for a group of students looking to sell used tablets. Each student has only one used tablet to sell. Each rectangular segment under the supply curve represents the “cost,” or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used tablet.Equilibrium exists when * there is no government intervention in the market. the demand curve intersects the quantity axis. the supply curve intersects the price axis. the quantity demanded equals the quantity supplied.Producer surplus and price changes The following graph shows the supply curve for a group of students looking to sell used smartphones. Each student has only one used smartphone to sell. Each rectangular segment under the supply curve represents the “cost,” or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used smartphone.