Question 1 Suppose a market has a binding price ceiling. If this price ceiling rises the quantity demanded , the quantity supplied , and this Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a rises; falls; reduces the surplus b falls; rises; increases the surplus c rises; falls; increases the shortage d falls, rises, reduces the shortageQuestion 2 W Suppose the government places a $10 excise tax on buyers of computers. Assume this market has a typical downward-sloping demand curve and upward-sloping supply curves . What will happen to the price of computers? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a rise by $10 b buyers of computers will bear the entire burden of the tax. c rise by less than $10. d rise by more than $10 e sellers of computers will bear the entire burden of the tax.Question 3 Suppose the equilibrium price of apples is $4.00 per kilogram. Then the government decides to levy a $1 per kilogram tax on apples which pushes up the price of apples to $4.40 per kilogram. The incidence of the tax is is paid by consumers and is paid by producers. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a $0.60; $0.40 b $0.40; $0.60 C $0; $1.00 d $0.40; $0.40Question 4 Suppose a government wants to make museums more affordable. They impose a price ceiling of $15 on museum tickets. This price ceiling is binding so it creates a shortage. People can easily resell their museum tickets on the black market for $40. In this scenario, what is the minimum total opportunity cost of someone going to a museum? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a $40 b $15 C $55 d $25Question 5 In the market for electricity, the absolute value of the price elasticity of demand is 0.32, and the price elasticity of supply equals 1.06. If the government imposes a tax on electricity, who will pay most of the tax? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a electricity sellers will pay most of the tax. b electricity consumers will pay most of the tax. c electricity sellers and buyers will pay the same. d there is not enough information to answer this