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Supply and Demand: Applications and Extensions
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Macroeconomics Private and Public Choice

Business

Quiz 4 :
Supply and Demand: Applications and Extensions

Quiz 4 :
Supply and Demand: Applications and Extensions

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Figure 4-14 img -Figure 4-14 depicts the milk market. The horizontal line, P, represents a price ceiling imposed by the government. Which of the following is true?
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Answer:

E

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Figure 4-14 img -In Figure 4-14, which of the following is true at the price ceiling, P?
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Answer:

B

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Figure 4-15 img -In Figure 4-15, suppose a price floor is established at $20.00. What is the result?
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Answer:

E

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Figure 4-16 img -Refer to Figure 4-16. Some policymakers have argued that the government should establish a "living wage." A living wage would provide workers a reasonable standard of living in their city or region. If a living wage of $10 per hour is established in the market pictured here, we would expect
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Figure 4-17 img -Refer to Figure 4-17. If the government imposes a price ceiling in this market at a price of $5.00, the result would be a
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Figure 4-17 img -Refer to Figure 4-17. Which of the following price controls would cause a shortage of 10 units of the good?
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Figure 4-17 img -Refer to Figure 4-17. Suppose a price floor of $7.00 is imposed. As a result,
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Figure 4-17 img -Refer to Figure 4-17. Suppose a price ceiling of $4.50 is imposed. As a result,
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Figure 4-18 img -Refer to Figure 4-18. If the government imposes a price ceiling of $2.00 in this market, the result is a
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Figure 4-18 img -Refer to Figure 4-18. In this market, which of the following price controls would be binding?
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Figure 4-18 img -Refer to Figure 4-18. The price of the good would continue to serve as the rationing mechanism if
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Figure 4-19 img -Refer to Figure 4-19. When the price ceiling applies in this market and the supply curve for gasoline shifts from S1 to S2,
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Figure 4-19 img -Refer to Figure 4-19. When the price ceiling applies in this market and the supply curve for gasoline shifts from S1 to S2, the resulting quantity of gasoline that is bought and sold is
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Figure 4-20 img -Refer to Figure 4-20. The equilibrium price in the market before the tax is imposed is
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Figure 4-20 img -Refer to Figure 4-20. As the figure is drawn, who sends the tax payments to the government?
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Figure 4-20 img -Refer to Figure 4-20. The price that buyers pay after the tax is imposed is
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Figure 4-20 img -Refer to Figure 4-20. The price that sellers receive after the tax is imposed is
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Figure 4-20 img -Refer to Figure 4-20. The amount of the tax per unit is
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Figure 4-20 img -Refer to Figure 4-20. The burden of the tax on buyers is
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Figure 4-20 img -Refer to Figure 4-20. The burden of the tax on sellers is
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