Price controls A increase economic efficiency. В benefit both consumers and firms. C result in inefficient outcomes. lead to more equitable outcomes than the market solution
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- Question 26 The economic entity most likely to engage in price gouging is the manufacturer of the product, such as a Honda generator. a national big-box store, such as Target or Walmart. a local, regular supplier of the product. an individual or business who has a supply of the product somewhere else. a local resident who wants to get rid of his or her own product.A price-discriminating company can attract more customers by _ price, as long as reducing; the price is above marginal benefit and below marginal cost raising; the price is above marginal benefit and below marginal cost O reducing; the price is above its marginal cost raising; new customers are convinced to pay the pricePrice Per Unit Quantity Demanded Per Year Quantity Supplied Per Year $ 5 2,000 0 10 1,800 300 15 1,600 600 20 1,400 900 25 1,200 1,200 30 1,000 1,500 Refer to the above table. A shortage of 1,500 units will occur when the price is
- Price SESTRESS 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 $75; The reservation price for consumers is $0; $30; Market for Laptop Chargers $45: 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Quantity -Demand Supply laptop marketBecause of producer–producer rivalry, the price will tend to Multiple Choice rise up to the maximum price the consumers are willing and able to pay. be the same as the monopoly price. be driven to a lower price. be the same as the competitive price.The following are the necessary conditions which must be fulfilled for the implementation of price discrimination except for ______ a. there should be no arbitrage b. the market must be divided into sub-markets with different elasticities of demand c. the good or service in question should not be resaleable d. the market must be divided into sub-markets with different elasticities of supply
- The marginal cost pricing model calculates a markup over marginal costs using estimates of the price elasticity of demand. Will any other pricing strategy result in higher profits?Plotted through point E are two demand curves; one is relatively elastic, and the other is relatively inelastic. Each demand curve also has its own marginal revenue (MR) curve. Merge these curves into a kinked demand curve by moving the curves' endpoints to remove the unwanted sections of the curves. Then, adjust the marginal revenue curves to properly accompany the new kinked demand curve. Price ($) 500 450 400 350 300 250 200 150 100 50 0 0 2 4 6 E MR 2 8 10 Quantity 12 14 Demand 1 16 MR 1 Demand 2 18 80 Question 20You are an owner of a local Toyota dealership. Your dealership earned record profits of 13 million. In your market, you compete against two other dealers, and the market-level price elasticity of demand for Toyota cars is -1.5. The marginal cost of a car is 120000. What price should you charge for a Toyota car if you expect to maintain your profits?
- Price(per bottle) Quantity supplied Normal timesquantity demanded Hurricanequantity demanded $6 100 25 75 $5 85 35 85 $4 70 45 95 $3 55 55 105 $2 40 65 115 $1 25 75 125 Concerned with citizen complaints of price gouging during past hurricanes, Florida's state government passes a law setting a price ceiling for a bottle of water equal to the market equilibrium price during normal times. After all, it seems unfair that sellers of water gain because of a hurricane. During a hurricane, there would be a shortage of bottles of water. Without the antiprice gouging law, consumers would have to pay $ more than the ceiling price, but they would be able to buy more bottles of water.If the Nigerian government were to enforce a price floor of US $20 a) Both Starlink and FiberOne would be out of business. b) More Nigerians would have acceaa to the internet. c) There would be no changes experienced by both consumers as well as the internet service providers. d) There would be more demand for internet servicesMatch each label to the situation it describes. Drag each item on the left to its matching item on the right. The government caps the prices a cortpany can charge. The total surplus in a market is lower than it could be. A group seeks to restrict the number of government-issued licenses. A monopolist sells products grouped together rather than separately.
