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- If a municipality sets a price ceiling below equilibrium for apartments in New York City, Select one: a. the price ceiling will create a surplus of apartments b. the price ceiling will create a shortage of apartments c. the price ceiling will not affect the market for apartments d. the market for more broadway plays will increase Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.If a legal ceiling price is set above the equilibrium price, • a shortage of the product will occur. a surplus of the product will occur. a black market will evolve. neither the equilibrium price nor the equilibrium quantity will be affected.Problem 02-06 (algo) Suppose demand and supply are given by Qd = 60 - Pand QS = 1.0P-20. a. What are the equilibrium quantity and price in this market? Equilibrium quantity: Equilibrium price: $ b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $52 is imposed in this market. Quantity demanded: Quantity supplied: Surplus: 20 Quantity demanded: Quantity supplied: Shortage: Full economic price: $ 40 C. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $35 is imposed in the market. Also, determine the full economic price paid by consumers.
- A recent study found that the demand and supply schedules for Anti-virus software are as follows: Price per Anti-virus Software Quantity Demand Quantity Supply 11$ 1 million Anti-virus software 15 million Anti-virus software 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 Questions: Anti-virus software manufacturers persuade the government to impose a price floor $10. What is the new market price? How many Anti-virus software are sold? What situation it will causes? Explain with a graph.Given the market for petrol in the UK illustrate the impact on the equilibrium price and quantity of the following; A maximum price for petrol set by government.An increase in supply and a decrease in demand occur in a market. What happens to the equilibrium price and quantity?
- Which change would cause a decrease in price and a decrease in the quantity sold? Pick a,b,c, or d a. The granting of a subsidy to producers of the product b. The removal of a price floor on the product maintained by government legislation and rationing c. The granting of a subsidy to consumers of the product d. The removal of a price ceiling on the product maintained by government legislation and purchases of surplusesWhat will be the result of an decrease in a price ceiling for gasoline? Group of answer choices The quantity will decrease because the quantity demanded will decrease. The quantity will remain the same; only the price will change. The quantity will increase because the quantity demanded will increase. The quantity will decrease because the quantity supplied will decrease.The Organization for the Promotion of Brussels Sprouts has convinced the government of Ironia to institute a price floor on the sale of Brussels sprouts at $8 per bushel. Demand is given by:P = 9 – Qand supply by:P = 2Q,where Q is measured in thousands of bushels.Instructions: Round your answers to the nearest whole number.a. At market equilibrium, the price is $ per bushel and the equilibrium quantity is thousand bushels.b. With the price floor, the price is $ per bushel and the quantity sold is thousand bushels.c. The excess quantity supplied of Brussels sprouts produced with the price floor is thousand bushels.
- price quantity demanded quantity supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a) Explain what would happen on the market if the government places a price ceiling at $700. b) what will be the result of a price ceiling of $400.Price P X D S Q Quantity per period (Figure: Model of a Competitive Market) If there are external costs, a tax imposed on sellers will: Choose one answer. a. decrease the equilibrium quantity. b. have no effect on the equilibrium price. c. decrease the equilibrium price. d. increase the equilibrium quantity.USD.13 An increase in a price ceiling will change the amount of a good sold in a market: Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a if the price ceiling is effective. b regardless of whether or not the ceiling is effective. c if the price ceiling is ineffective. d if demand is inelastic.
