CS 3 D&S Problem

CS 3 D&S Problem - 7. If Price floor = 4, Q Exchanged =...

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CLASS SUPPLEMENT # 3 Quantity QS - QD Shortage Exchanged = or Surplus. QD QS P 100 0 1 75 25 2 50 50 3 25 75 4 0 100 5 Equilibrium Price = ______ 1. If P = 3, Q Exchanged = _______ 2. (Shortage / Surplus) = ________ If P = 2 3. (Shortage / Surplus) = ________ If P = 4 4. If Price ceiling = 2, Q Exchanged = _______ and the ceiling is said to be _______ 5. If Price ceiling = 4, Q Exchanged = _______ and the ceiling is said to be _______ 6. If Price floor = 2, Q Exchanged = _________ and the floor is said to be ________
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Unformatted text preview: 7. If Price floor = 4, Q Exchanged = _________ and the floor is said to be ________ 8. If this market has no price controls, the largest quantity exchanged is the 9. equilibrium quantity (T/F) If this market has either an effective price ceiling or price floor, 10. the quantity exchanged is always less than the equilibrium quantity (T/F) If P = 4, this good is not scarce (T/F). 11. d:\econ202\CS\CS 3 D&S Problem 07/25/08...
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This note was uploaded on 02/13/2012 for the course ECON 202 taught by Professor Brightwell during the Spring '08 term at Texas A&M.

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