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Price Ceilings

Authored by Natalia Dadidou

Other

11th - 12th Grade

Used 20+ times

Price Ceilings
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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

Which letter corresponds to consumer surplus?

A
B
C
A & B

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

Which letter corresponds to producer surplus?

A
B
C
A & B

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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If the equilibrium price of the good increases to $4 because of an increase in demand, what happens to total producer surplus?

It decreases
It stays the same
It increases

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

At the free market price, the quantity demanded is _____ and quantity supplied is _____. 

50, 120
120, 120
120, 50
50, 50

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

If the government creates a price ceiling of $30, which one of the following statements is correct?

The quantity demanded = 60
The quantity supplied = 160
There is a surplus of 100
There is a shortage of 100

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Suppose the mayor of this city imposes a price ceiling at $5.50. How large is the shortage of rides?

1 million
2 million
3 million
4 million

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If an effective rent ceiling is eliminated, which of the following is most likely to occur in the rental housing market? 

An increase in the demand for housing, resulting in a decrease in the quantity of housing supplied 
An increase in the demand for housing, resulting in an increase in the quantity of housing demanded 
An increase in rents, resulting in an increase in the quantity of housing supplied 
A decrease in rents, resulting in an increase in the quantity of housing supplied 

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