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A month ago



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.
Textbook 

Microeconomics: Principles, Applications, and Tools

Edition: 8th
Authors:
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Posts: 241
A month ago
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A buyer's willingness to pay is smaller than a seller's willingness to accept at Q1.
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Related Topics
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A month ago



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.
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A month ago
C.
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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.
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A.
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Thanks
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A month ago



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.
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A month ago
C.
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A month ago



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.
all is normal
wrote...
A month ago
a minimum price at A.
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A month ago
TY
all is normal
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A month ago
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