Refer to Figure 9.1. Suppose the market is currently in equilibrium. If the government establishes a price ceiling of $20, consumer surplus will
A) fall by $200.
B) fall by $300.
C) remain the same.
D) rise by $200.
E) rise by $300.
C
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The beginning of antitrust law is found in the
A) 1914 Clayton Act. B) 1890 Sherman Act. C) 1947 Taft-Hartley Act. D) 1950 Cellar-Kefauver Act.
Refer to Figure 7-2. The tariff revenue collected by the government equals
A) $10 million. B) $15 million. C) $19.875 million. D) $35 million.
The 45-degree line splitting the distance between the axes in a Lorenz Curve is the:
a. line of equal share of expenditure. b. line of equivalent income. c. line of income equality. d. line of average income. e. line of absolute inequality.
Utility refers to
A) the usefulness of a good or service. B) the value of a good or service. C) the want-satisfying power of a good or service. D) the degree to which a good or service is needed.