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Emily usually works as a babysitter for a price of 15

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Emily usually works as a babysitter for a price of $15 per hour but is willing to work for as low as $10 per hour. The price of gold increases to $300 per ounce, so many people start selling their gold. CONCEPT Consumer Surplus 5 Which 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?
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CONCEPT Prevailing Price 6 If the market price of a product happens to be at equilibrium, which of the following will happen next?
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Surplus will be created. Nothing will happen since the market is already clearing. CONCEPT Prevailing Price 7 Which of the following would be true if demand became more inelastic?
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CONCEPT Taxes and Subsidies
8 Select the statement below that is true of ONLY price ceilings. The market clears, there are no shortages or surpluses Are binding when they are above equilibrium The market is allowing for trade to occur between buyers and sellers Can create a shortage of product CONCEPT Binding & Non-Binding Constraints 9
Which statement below about producer surplus is NOT true?
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