ECONTuteNotes117.pdf - 367 Award 1.00 point Answer the...

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367. Award: 1.00 point Answer the question based on the following supply and demand schedules in units per week for a product. Price Quantity Demanded Quantity Supplied $60 100 400 50 140 340 40 180 280 30 220 220 20 260 160 10 300 100 Refer to the above table. If demand increased by 100 units at each price level and the government set a price ceiling of $40, then there would be a shortage. a surplus. no shortage or surplus. a decrease in supply. References Multiple Choice Difficulty: 01 Easy Learning Objective: 03-06 Identify what government-set prices are and how they can cause product surpluses and shortages.
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368. Award: 1.00 point 369. Award: 1.00 point Which of the following is an example of a price ceiling? limits on interest rates charged by credit card companies subsidies for apartment rent in major cities minimum-wage laws for unskilled workers
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