Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 5, Problem 25APA
(a)
To determine
Identify the allocation of scarce resource in a competitive resources.
(b)
To determine
Identify the role of fair rules and fair results in price changes.
(c)
To determine
Identify the role of fair rules and fair results in ‘unconscionable prices’.
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Students have asked these similar questions
Consider the market for plywood in a costal Florida town, which was hit by a hurricane. The residents need to rebuild their houses and are buying plywood in large quantities. To keep the price of plywood from going up too high, the Governor of Florida has decided to impose price controls in the wake of the hurricane. What is the most likely outcome?a. People will be able to obtain the plywood that they need. b. Plywood suppliers from out of state will increase deliveries to Florida to take advantage of the strong demand. c. There will be persistent excess demand for plywood. d. Quantity supplied will increase to meet new demand.
The graph above shows the market for gasoline after the government imposes a price ceiling of $3.50 a gallon. With the price ceiling in place, the amount of gas that people would want in this market would be ___ gallons, but the gas station owners are willing to supply only ___gallons.
Which of the following are likely to occur in this market? Choose one or more:
A.long lines for gasoline
B.a surplus of gasoline available
C.a black market for gasoline
D.gas stations offering better-quality gasoline
In the market for Widgets, the equilibrium price is $ 20 and the equilibrium quantity is 5000 Widgets, which of the following statements is FALSE?
A.
None of the above
B.
If the government sets a price ceiling at $ 15 companies will increase the quantity supplied
C.
If the government sets the price floor for widgets at $ 25 there will be a surplus of widgets in the market
D.
If the price ceiling is set at $ 15 there will be a shortage of Widgets in the market
Chapter 5 Solutions
Microeconomics (13th Edition)
Ch. 5.1 - Prob. 1RQCh. 5.1 - Prob. 2RQCh. 5.1 - Prob. 3RQCh. 5.1 - Prob. 4RQCh. 5.2 - Prob. 1RQCh. 5.2 - Prob. 2RQCh. 5.2 - Prob. 3RQCh. 5.2 - Prob. 4RQCh. 5.2 - Prob. 5RQCh. 5.2 - Prob. 6RQ
Ch. 5.3 - Prob. 1RQCh. 5.3 - Prob. 2RQCh. 5.3 - Prob. 3RQCh. 5.4 - Prob. 1RQCh. 5.4 - Prob. 2RQCh. 5.4 - Prob. 3RQCh. 5.4 - Prob. 4RQCh. 5 - Prob. 1SPACh. 5 - Prob. 2SPACh. 5 - Prob. 3SPACh. 5 - Prob. 4SPACh. 5 - Prob. 5SPACh. 5 - Prob. 6SPACh. 5 - Prob. 7SPACh. 5 - Prob. 8SPACh. 5 - Prob. 9SPACh. 5 - Prob. 10SPACh. 5 - Prob. 11APACh. 5 - Prob. 12APACh. 5 - Prob. 13APACh. 5 - Prob. 14APACh. 5 - Prob. 15APACh. 5 - Prob. 16APACh. 5 - Prob. 17APACh. 5 - Prob. 18APACh. 5 - Prob. 19APACh. 5 - Prob. 20APACh. 5 - Prob. 21APACh. 5 - Prob. 22APACh. 5 - Prob. 23APACh. 5 - Prob. 24APACh. 5 - Prob. 25APACh. 5 - Prob. 26APACh. 5 - Prob. 27APA
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