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msouthern msouthern
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5 years 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?

â–¸ A buyer's willingness to pay is smaller than a seller's willingness to accept at Q1.

â–¸ The consumer surplus would increase should the price fall.

â–¸ Total surplus is not maximized.

â–¸ The quantity supplied exceeds the quantity demanded.
Textbook 
Microeconomics: Principles, Applications, and Tools

Microeconomics: Principles, Applications, and Tools


Edition: 8th
Authors:
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lindslinds
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5 years ago
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Related Topics

wrote...
#2
5 years ago



Refer to Figure 6.4. If consumers currently gain at the expense of producers, a maximum price must have been set at:

â–¸ A.

â–¸ B.

â–¸ C.

â–¸ There is not sufficient information.
wrote...
#3
5 years ago
C.
wrote...
#4
5 years ago



Refer to Figure 6.4. If producers currently gain at the expense of consumers, a minimum price must have been set at:

â–¸ A.

â–¸ B.

â–¸ C.

â–¸ There is not sufficient information.
wrote...
#5
5 years ago
A.
wrote...
#6
5 years ago
Thanks
wrote...
#7
5 years 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:

â–¸ A.

â–¸ B.

â–¸ C.

â–¸ There is not sufficient information.
wrote...
#8
5 years ago
C.
wrote...
#9
5 years 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:

â–¸ a maximum price at A.

â–¸ a minimum price at A.

â–¸ a minimum price at C.

â–¸ There is not sufficient information.
all is normal
wrote...
#10
5 years ago
a minimum price at A.
wrote...
#11
5 years ago
TY
all is normal
wrote...
#12
5 years ago
Welcome Slight Smile
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