A price support may be pictured by Select one: a. drawing a horizontal line below equilibrium price at the supported price. b. shifting the demand curve to the right by the amount of the government purchase. c. shifting the supply curve to the left by the amount of the government purchase. d. shifting the supply curve to the right by the amount of the government purchase. e. shifting the demand curve to the left by the amount of the government purchase.
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Lesson 10 Question 12
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- If a municipality sets a price ceiling below equilibrium for apartments in New York City, Select one: a. the price ceiling will create a surplus of apartments b. the price ceiling will create a shortage of apartments c. the price ceiling will not affect the market for apartments d. the market for more broadway plays will increase Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.The government is interested in imposing a tax on the local gasoline market. Using a tax modified demand, indicate in an appropriate diagram the effect of this tax on this market, labeling everything. Explain what happens to demand, supply, equilibrium price and equilibrium quantity exchanged and why. please give me correct answer with proper explanation and diagramDraw supply and demand diagrams for market A for each of the following. Then use your diagrams to illustrate the impact of the following events. In each case, determine what happens to price and quantity in each market. a. A and B are substitutes, and the price of good B rises. b. A and B satisfy the same kinds of desires, and there is a shift in tastes away from A and toward B. c. A is a normal good, and incomes in the community increase. d. There is a technological advance in the production of good A. e. B is an input used to produce good A, and the price of B rises.
- Which change would cause a decrease in price and a decrease in the quantity sold? Pick a,b,c, or d a. The granting of a subsidy to producers of the product b. The removal of a price floor on the product maintained by government legislation and rationing c. The granting of a subsidy to consumers of the product d. The removal of a price ceiling on the product maintained by government legislation and purchases of surplusesa) In the market for sugary drinks, the current equilibrium price is $10 and the equilibrium quantity is 30. The demand choke price is $50 and the supply choke price is $5 (a) Draw a demand and supply diagram, and shade the regions that represent consumer and producer welfare. Calculate the Total welfare in this market b) In this market, you now know that E D = −0.4 and E S = 1.2. Redraw your diagram in part (a) with the correct sloping curves. In this part you do not have to shade the welfare regions. All you need to do is redraw the diagram with the same equilibrium price and quantity, and choke prices but adjust the slope of each curve to reflect their respective elasticity c) If a tax was to be implemented in this market, what percentage of the burden is borne by the buyer? d) The government plans to discourage the consumption of sugary drinks and as such, they implemented a $1 tax on every bottle produced. In this situation, the suppliers are taxed directly but they hope to pass…Plot the below demand and supply schedule. A. What is the market equilibrium? B. Describe the situation at a price of $9. Describe the situation at a price of $3. What will occur? (Show both situations on your graph). If shortage or surplus, how will the price adjust?C. Suppose the government imposed a minimum price of $10. What would occur? Illustrate (show on your graph). Is the situation that results temporary or permanent? Explain D. Indicate what the price would have to be to represent an effective price ceiling (show on your graph). Is the shortage that results temporary or permanent? Explain Price Quantity Demanded Quantity Supplied $1 1000 200 $2 800 240 $3 700 300 $4 640 400 $5 600 600 $6 550 820 $7 520 1000 $8 460 1300 $9 400 1600 $10 300 1950
- What happens if a government imposes price controls that require a selling price that is ABOVE the equilibrium price? A. SHORTAGE. That shortage then puts a pressure on prices to DROP toward equilibrium. B. SHORTAGE. That shortage then puts a pressure on prices to RISE toward equilibrium. C. SURPLUS. That surplus then puts a pressure on prices to DROP toward equilibrium. D. SURPLUS. That surplus then puts a pressure on prices to RISE toward equilibrium. What happens if a government imposes price controls that require a selling price that is BELOW the equilibrium price? A. SHORTAGE. That shortage then puts a pressure on prices to DROP toward equilibrium. B. SHORTAGE. That shortage then puts a pressure on prices to RISE toward equilibrium. C. SURPLUS. That surplus then puts a pressure on prices to DROP toward equilibrium. D. SURPLUS. That surplus then puts a pressure on prices to RISE toward equilibrium.In a diagram showing equilibrium of demand and supply, Excess supply is found ____________. a. above the equilibrium point b. below the equilibrium point c. on the equilibrium point d. all of theseWhen the actual price in a market is above the equilibrium price we would expect: a. a shortage of the good or service. b. this higher price to be the new equilibrium. c. a surplus of the good or service. d. an excess demand or excess supply depending upon the extent of the difference between actual and equilibrium price.
- Equilibrium, ES & ED 7. According to the following gaph, 45 404 35 30- 204 15 10 100 200 300 400 500 600 700 800 900 10001100 Quantly A. What is the equilibrium price and quantity? B. If the price is $10, What is the quantity demanded? C. If the price is $10, What is the quantity supplied? D. If the price is $10, is the market at equilibrium? If not, how will the market reach an equilibrium?What happens if an effective price floor is placed on the market for steel? a. There will be a surplus of steel. b. The price of steel will be lower than the equilibrium price. c. The quality of steel produced will decrease. d. There will be a shortage of steel.Which would cause a new equilibrium price to be lower and at a lower quantity sold? A. The demand curve shifts to the right. B. The demand curve shifts to the left. C. The supply curve shifts to the right. D. The supply curve shifts to the left.