Liberty University ECON 213 quiz 4 complete Answers | Rated A+
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Question 1 If a store sells a good at the market price, even though the government authorities have set the minimum price that can be charged, the store is selling the good in a(n):
Question 2 Which of the following is an accurate statement about the consequence of a binding price floor?
Question 3 Refer to the accompanying figure, which shows both shortrun and longrun demand and supply curves. If there is a $4 binding price ceiling imposed on a pharmaceutical drug, what will be the amount of the disequilibrium in the short run?
Question 4 The town of Fairness has a law that says that wages should be high enough to ensure that all people can afford to buy enough food to feed their families. The law that sets food prices low enough to meet these requirements would be an example of a:
Question 5 Apartment rent control in New York City is an example of:
Question 6 Use the following table to answer the questions that follow.
At what price level does the labor market experience its largest shortage?
Question 7 Why do shortages develop under a binding price ceiling?
Question 8 Do all sellers benefit from a binding price floor?
Question 9 How do consumers who are subject to a binding price ceiling respond as the time frame shifts from the short run to the long run?
Question 10 Use the following figure to answer the questions that follow
The accompanying figure describes the market for gasoline in a local community. If the government were to place a price floor at P3, predict the resulting surplus or shortage.
Question 11 Refer to the accompanying figure to answer the questions that follow. If there is a $60 price ceiling imposed on a textbook, what will be the disequilibrium amount?
Question 12 Suppose you live in a community with no price controls. What do you expect to happen if your town borders a community where there is a nonbinding price floor on most products?
Question 13 What will I do differently as a seller in the black market in the long run?
Question 14 A binding price ceiling will have the following consequences:
Question 15 What will I do differently as a buyer in the black market in the long run?
Question 16 A binding price floor creates a surplus, which means:
Question 17 You are the president of the United States. In an attempt to make prescription drug prices cheaper, you have imposed a binding price ceiling on drugs. What would you expect your critics to say?
Question 18 Let’s say that you have a friend who was caught illegally buying a good on the black market. When the judge asks you to describe your friend’s motivation as a buyer, which of the following would most likely be your reply?
Question 19 What will happen in a market where a nonbinding price floor is removed?
Question 20 Refer to the accompanying figure. At what price would there be the
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