Question 6 At the price of $5 per pack of batteries, Duracell sells 10,000 packs of batteries and Energizer sells 15,000 packs of batteries. When the price rises to $7.50, Duracell sells 12,000 packs of batteries and Energizer sells 16,000 packs of batteries. What is the market supply at a price of $7.50? 12,000 16,000 4,000 28,000 25,000 Question 7 Social welfare (i.e. the sum of producer and consumer surplus) is maximized when the government taxes most goods and services. very few consumers and producers exist within a market the market reaches its equilibrium price and quantity. supply and demand are perfectly inelastic. the government imposes price controls. Question 8 When demand is perfectly elastic, the demand curve is vertical. upward-sloping. U-shaped. horizontal. downward sloping.
At the price of $5 per pack of batteries, Duracell sells 10,000 packs of batteries and Energizer sells 15,000 packs of batteries. When the price rises to $7.50, Duracell sells 12,000 packs of batteries and Energizer sells 16,000 packs of batteries. What is the market supply at a price of $7.50?
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12,000
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16,000
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4,000
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28,000
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25,000
Question 7Social welfare (i.e. the sum of producer and
consumer surplus ) is maximized when-
the government taxes most goods and services.
-
very few consumers and producers exist within a market
-
the market reaches its
equilibrium price and quantity. -
supply and demand are perfectly inelastic. -
the government imposes price controls.
Question 8When demand is perfectly elastic, the demand curve is
-
vertical.
-
upward-sloping.
-
U-shaped.
-
horizontal.
-
downward sloping.
-
-
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