Title: Refer to Figure 6.4. (Multiple Questions)
Post by: msouthern on Jul 22, 2019
Refer to Figure 6.4. Suppose that the current price is set at A and Q1 units of a good are traded. Which of the following statements is INCORRECT?
▸ A buyer's willingness to pay is smaller than a seller's willingness to accept at Q1.
▸ The consumer surplus would increase should the price fall.
▸ Total surplus is not maximized.
▸ The quantity supplied exceeds the quantity demanded.
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: linds on Jul 22, 2019
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Title: Refer to Figure 6.4. (Multiple Questions)
Post by: gorgeous on Jul 22, 2019
Refer to Figure 6.4. If consumers currently gain at the expense of producers, a maximum price must have been set at:
▸ A.
▸ B.
▸ C.
▸ There is not sufficient information.
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: gtur on Jul 22, 2019
C.
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: billyhilly on Jul 22, 2019
Refer to Figure 6.4. If producers currently gain at the expense of consumers, a minimum price must have been set at:
▸ A.
▸ B.
▸ C.
▸ There is not sufficient information.
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: linds on Jul 22, 2019
A.
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: billyhilly on Jul 22, 2019
Thanks
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: CroweN6459 on Jul 22, 2019
Refer to Figure 6.4. If a market experiences excess demand and fails to maximize total surplus, a maximum price must have been set at:
▸ A.
▸ B.
▸ C.
▸ There is not sufficient information.
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: dnlee1 on Jul 22, 2019
C.
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: david fabos on Jul 22, 2019
Refer to Figure 6.4. If the current market transactions occur only over the output level where a buyer's willingness to pay is greater than a seller's willingness to accept, the government could have set:
▸ a maximum price at A.
▸ a minimum price at A.
▸ a minimum price at C.
▸ There is not sufficient information.
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: Cass Stein on Jul 22, 2019
a minimum price at A.
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: david fabos on Jul 22, 2019
TY
Title: Refer to Figure 6.4. (Multiple Questions)
Post by: Cass Stein on Jul 22, 2019
Welcome :)