Which of the following is true about binding price

This preview shows page 15 - 19 out of 26 pages.

ECO 102 Macroeconomics Unit 2 Milestone 2 Sophia Course.docx

3Which of the following is true about binding price floors?They do not change consumer and producer surplus at all.They will transfer deadweight loss from the producer to the consumer.They maximize consumer and producer surplus.
They will create deadweight loss.Deadweight Loss
4The prevailing market price for smart TVs is $450 and John is willing to pay $600 for a TV. Which graph accurately represents the amount of consumer surplus?
5Economically speaking, which of the kinds of change below would be caused when fishermen along the coast of the Gulf of Mexico find that they have not caught nearly as many shrimp as the year before, due to an oil spill?
Law of Supply Shifts in Supply 6Select the statement below that is true of long run aggregate supply curves.
7Which graph below shows what will happen to Cecilia's demand for designer shoes if she usually buys several pairs each year, but this year she lost her job? Shifts in Demand
8Which statement below best describes what will most likely happen, from an economic standpoint, when a music group with growing popularity goes on tour and sells out a certain venue in hours with tickets for $25 apiece?
Prevailing Price 9George wants to get rid of his old car so he can purchase a newer model. He has figured out that he will not accept a price lower than $3,000, but a buyer offers to pay $5,000 for the car.
How much producer surplus will George receive from this sale?
Producer Surplus 10In economic terms, which of the following happened when cupcakes went from being homemade treats to being specialized gourmet goodies with multiple TV shows devoted to them and people waiting in line for them?
Shifts in Demand

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture