If a price ceiling is set at $10, and the equilibrium market price is $8
1. If a price ceiling is set at $10, and the equilibrium market price is $8, then which of the prices below is the price that consumers actually pay?
a. $10.
b. $8.
c. $18.
d. $2.
2. Suppose that the state of California imposes a minimum wage of $7 per hour. In the entry-level labor market in California fast-food restaurants, the quantity of labor demanded at $7 per hour is 800 thousand, and the quantity of labor supplied is 1.2 million. Which of the following is true?
a. There is a shortage of 800 thousand workers in the labor market.
b. There is a surplus of 400 thousand workers in the labor market.
c. There is a shortage of 400 thousand workers in the labor market.
d. There is a surplus of 1.2 million workers in the labor market
3. Suppose that the federal government imposes a price floor (support price) in the milk market at a price of $3 per gallon. If market quantity demanded at $3 is 1 billion gallons, and if market quantity supplied is 1.5 billion gallons, then which of the following is true?
a. There is a shortage of 500 million gallons of milk, and the federal government will buy 1 billion gallons to maintain the $3 price.
b. There is a surplus of 500 million gallons of milk, and the federal government will buy this 500 million gallons to maintain the $3 price.
c. There is a shortage of 500 million gallons of milk, and the federal government will buy an additional 500 million gallons to maintain the $3 price.
d. There is a surplus of 1 billion gallons of milk, and the federal government will buy 1.5 billion gallons to maintain the $3 price. Â
Â
Answers
Status NEW
Posted 09 Jun 2017 06:06 AM
My Price 3.00
-----------
Attachments
file 1496990314-Answer.docx preview (400 words )
1-----------. I-----------f a----------- pr-----------ice----------- ce-----------ili-----------ng -----------is -----------set----------- at----------- $1-----------0, -----------and----------- th-----------e e-----------qui-----------lib-----------riu-----------m m-----------ark-----------et -----------pri-----------ce -----------is -----------$8,----------- th-----------en -----------whi-----------ch -----------of -----------the----------- pr-----------ice-----------s b-----------elo-----------w i-----------s t-----------he -----------pri-----------ce -----------tha-----------t c-----------ons-----------ume-----------rs -----------act-----------ual-----------ly -----------pay-----------? -----------a. -----------$10-----------. -----------b. -----------$8.----------- c-----------. $-----------18.----------- d-----------. $-----------2. ----------- 2.----------- Su-----------ppo-----------se -----------tha-----------t t-----------he -----------sta-----------te -----------of -----------Cal-----------ifo-----------rni-----------a i-----------mpo-----------ses----------- a -----------min-----------imu-----------m w-----------age----------- of----------- $7----------- pe-----------r h-----------our-----------. I-----------n t-----------he -----------ent-----------ry------------lev-----------el -----------lab-----------or -----------mar-----------ket----------- in----------- Ca-----------lif-----------orn-----------ia -----------fas-----------t-f-----------ood----------- re-----------sta-----------ura-----------nts-----------, t-----------he -----------qua-----------nti-----------ty -----------of -----------lab-----------or -----------dem-----------and-----------ed -----------at -----------$7 -----------per----------- ho-----------ur -----------is -----------800----------- th-----------ous-----------and-----------, a-----------nd -----------the----------- qu-----------ant-----------ity----------- of----------- la-----------bor----------- su-----------ppl-----------ied-----------
Not Rated(0)