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2/5/2021Sophia :: Welcome1/10UNIT 4 — MILESTONE 4Score12/20You passed this Milestone12 questions were answered correctly.8 questions were answered incorrectly.1Which of the following statements best describes the minimum wage?It is a price ceiling that decreases producer surplus as compared to the free market equilibrium price andoutput.It is a price ceiling that decreases consumer surplus as compared to the free market equilibrium price andoutput.It is a price floor that decreases producer surplus as compared to the free market equilibrium price andoutput.It is a price floor that decreases consumer surplus as compared to the free market equilibrium price andoutput.CONCEPTWelfare Analysis 2A good that a producer can prevent a consumer from using by charging a price is __________.a private good that is excludable
2/5/2021Sophia :: Welcome2/10a public good that is non-rivalrousa public good that is excludablea private good that is non-rivalrousCONCEPTPublic Goods, Private Goods, and the “Tragedy of the Commons” 3If William quit his office job and is now looking for a position teaching English overseas, what type ofunemployment would he be experiencing? CyclicalSeasonal FrictionalStructural CONCEPTAssessing Costs of Unemployment--Labor Economics 4Which of the following best describes externalities?The result of politicians acting as utility maximizersAn example of a moral hazardThe result of information failure and hamper cost-benefit analysis
2/5/2021Sophia :: Welcome3/10Third party costs or benefits that skew the correct market equilibriumCONCEPTDetails on Regulatory Intervention and Market Failure 5Joe owns an electrical company that specializes in work on custom homes.