Question: Market equilibrium: choose the correct answer maximizes total surplus minimizes consumer surplus creates a shortage can not be achieved without government policy

Market equilibrium: choose the correct answer

maximizes total surplus

minimizes consumer surplus

creates a shortage

can not be achieved without government policy

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

The following facts relate to Integrated Products Corporation. 1. Deferred tax liability, January 1, 2014, $225,000. 2. Deferred tax asset, January 1, 2014, $162,000. 3. Taxable income for 2014,...

Q:

Question 1 (Multiple Choice Worth 1 points) (01.01 MC) Why might salt be a resource with a high cost in one market and a very low cost in another market? Trade could affect costs. Its supply could be...

Q:

Answer the following multiple-choice questions. Which of the answers are correct? 1.1 The meaning of the word "economic" is most closely associated with the word... Choose the correct answer below....

Q:

Answer the following multiple-choice questions. Which of the answers are correct? 1.1 The meaning of the word "economic" is most closely associated with the word... Choose the correct answer below....

Q:

Give correct answers please. Mindanao is a beautiful a place, unfortunately it is marred with a negative image. Northern Mindanao, in particular, is endowed with scenic tourist spots. Give a speech...

Q:

help economics quiz Question 48(Multiple Choice Worth 1 points) (01.02 LC) Which of the following is a basic question that must be answered in resource allocation? O How much education should workers...

Q:

choose the correct answer Question 3 2 pts Which of the following is likely to create a surplus in the market for corn? 0 A price oor set below the equilibrium price. 0 A price ceiling set above the...

Q:

I. MULTIPLE CHOICE: Choose the correct answer. (1 point each) 1. The Income Approach to Calculating GDP includes... a. All spending on final products in the year b. All Income made from selling all...

Q:

Consider a Hotelling model in which two firms are located at the opposite ends of the unit interval and serve a unit mass of consumers, who are uniformly distributed on this interval. Each consumer...

Q:

(31-39) Choose a correct answer for each question and clearly mark it . Then, explain why your answer choice is true. You should explain why an incorrect answer is incorrect (at least one of them)....

Q:

provide clear explanation to your choice ,else it will of no help to me 158.When an effective price ceiling is imposed in a competitive market, what typically happens to consumer surplus, producer...

Q:

Atherton Manufacturing Company sold $200,000 of accounts receivable to a factor. Pertinent facts about this transaction include the following: 1. The factored receivables had a corresponding $4,000...

Q:

Newgen Products Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 75,000 shares of 2% preferred stock, $50 par and 400,000 shares of...

Q:

The graph shows Khairul's journey when he visited a friend in Town C. During the journey, he stopped for breakfast at a cafeteria, after which he continued to drive to Town C. Distance travelled (km)...

Q:

4. Nicky starts a retirement account at age 31, putting away $200 each pay period, of which she has 26 per year. However, as her salary increases, she finds she is able to increase contributions at a...

Q:

3.53 Show that each of the following systems has no cycles: (i) I y + ry, FIGURE 40. An invariant region for the model of glycolysis. (ii) 1+ ry, 2.1 + xy? %3D %3D (iii) = -I- y+2x+ y, %3D

Q:

1. H2SO4 + NAOH NazSO4 + H2O a). Balance this equation (show all work to get full credit) b). What mass of H2SO4 would be required to react with 0.75 mol of NaOH? c) If 30.0 g of H2SO4 reacts with...

Q:

9 (a) Find the best running time for the following piece of pseudocode. s+-5 t+ -5 i +0 while 3i

Q:

1.) calculate the mean w% of ascorbic acid for the 4 quarters 2.) calculate the mass of ascorbic acid in 1 tablet mass tablet= 0.6345g m Vit.C= avW% x mtablet quarters= number of experiment...

Q:

Among a group of 5 8 programmers, who know either Java or Python or both, 1 5 only know Java and 1 3 only know Python. What is the probability of randomly choosing a programmer who knows both...

Q:

2. Take as your starting point a conflict you experienced recently with a close friend. Try to go through the communication that took place and answer the following questions: a) What was the main...

Q:

2. In this chapter, the reader should reflect on the following concepts: Differences, relationships, processes, patterns, contexts, symmetrical rela-tionships, complementary relationships, linear...

Q:

1. Discuss the following statement: Everything is seen, heard and said by a subject, and accordingly is subjective.