Which of the following could not
explain the indicated increase in equilibrium price from P1 to P2?
an increase in consumer incomes
an increase in production costs
a decrease in the price of a
an increase in the price of a substitute
Use the supply and demand
curves depicted in following graph for a competitive market to answer the
government imposed a price ceiling of $15, then buyers will be intending to buy
___, but they will be able to legally buy ____.
30 units, 24 units
36 units, 24 units
36 units, 30 units
24 units, more than 24 units
Use the following graph for a
competitive market to answer the question below
Assume the government imposes $2.25 tax on
suppliers, which results in a shift of the supply curve from S1 to S2.
The price the consumer pays for the product after the tax is imposed on the
Use the following graph for a
competitive market to answer the question below.
Assume the government
imposes a $3 tax on buyers, which results in a shift of the demand curve from D1
to D2. The price the seller receives for the product after the
tax is imposed on the buyer is
If a price floor in this market
is set at P1, then
deadweight loss equals area d.
deadweight loss equals area h.
no deadweight loss occurs.
more information is needed to
find deadweight loss.
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