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- Asap In the case of a binding price ceiling, the price paid in the market will be: more than the free market equilibrium price. less than the free market equilibrium price. equal to the free market equilibrium price. unable to be compared with the free market equilibrium price.With a binding price ceiling, buyers will be better off and producers will be worse off. True or False?Suppose the government sets a Price Ceiling at $5. If the market equilibrium price is $3, the Price Ceiling will be: Select one: a. binding. b. effective. c. illegal. d. non-binding.
- Please only answer Questions D, E and F: Suppose now that the government decides to increase the number of quotas available to 72 units, but it keeps the price support at the current level of $72. d) Calculate (1) the consumer surplus, (ii) the producer surplus, (iii) deadweight loss, (e) Which of the two options would the producers prefer? Option 1, Option 2, or None ? (f) Which of the two options would be preferred by society? Option 1, Option 2 or None?Suppose demand and supply for services of surgeons in Australia each day are given below, where demand and supply are expressed in terms of number of services per day, and P = price per service Qd=2000−2P Qs=3P What area(s) comprise the producer surplus after the implementation of the production quota? (select all relevant areas) a) D b) F c) B d) E e) C f) AConsider a market where supply and demand are given by QS =P-20 and QD =130-2P, respectively. Suppose the government imposes a price ceiling of £44. Calculate the deadweight loss as a result of this price ceiling.
- A shortage of a good arises when there is a binding price floor. A surplus of a good arises when there is a binding price ceiling. Select one: a.True b.FalseIn a market with a binding price floor, a decrease in the floor price will ________________ the quantity supplied, ____________ the quantity demanded, and reduce the _____________in a market with a binding ceiling, an increase in the ceiling will?
- Which of the following is NOT one of the consequences of a binding Price Ceiling? Select one: a. an illegal black market b. a shortage c. a surplus d. a decrease in the price of the good below its equilibrium priceWhich of the following would increase quantity supplied, increase quantity demanded and decrease the price that consumers consumers pay? a. The imposition of a binding price floor b. The repeal of a tax levied on producers c. The passage of a tax levy on producers d. The removal of a binding price floorqD = 100 – 0.5p, qS = 2p – 20 What happens if a price floor pf = 60 is imposed? What happens if a production quota q=50 is imposed?
