Answer all mc
The next six questions involve the following supply and demand equations. Supply: (1 = p 30. Demand: p = 600 2g. 71. What is the market equilibrium? (A) p\" = 180, (1* = 210. (B) 10* = 240, q* = 210. (C) p* = 190, q* = 220. (D) p* = 220, q* = 190. 72. What is the Consumer Surplus? (A) $30,100. (B) $35,100. (C) $51,300. (D) $54,150. 73. What is the Total Surplus? (A) $30,100. (B) $35,100. (C) $51,300. (D) $54,150. 74. The government imposes a price oor of $500. What is the new Consumer Surplus? (A) $2,000. (B) $2,500. (C) $22,250. (D) $24,750. 25 75. What is the Producer Surplus under a price oor of $500? (A) $2,000. (B) $2,500. (C) $22,250. (D) $24,750. 76. What is the Deadweight Loss under a price oor of $500? (A) $10,500. (B) $13,550. (C) $29,400. (D) $58,800. 77. Consider the following situation. There are two companies that produce melange, a spice that prolongs life and enhances cognition. These two companies can either agree to charge high prices (H) or low prices (L). The situation is described below, with the payoffs being company prots in billions of dollars. Figure 2: The Dune Game Company 2 H L H 15, 15 0, 20 L 20, 0 5, 5 Company 1 Number left (right) of comma refers to 1's (2's) payoff. What is this game's Nash equilibrium (or equilibria)? (A) (H, H). (B) (L, H) and (H, L). (C) (H, H) and (L, L). (D) (L, L). 26 78. Which of the following statements is an example of incomplete induction? (A) "We have staked out all the fortifications in Constantinople, milord. We are ready to attack." (B) "I imagine that most young people will end up working in the Gig economy, con- fined to a semi-serf status." C) "Based on a poll of 3,000 Canadians, we can conclude that the Liberal Party of Canada would win the next election." (D) "An analysis of all students in Canada was conducted, to determine how many of them smoke marijuana." 79. Which of the following statements is an example of a valid argument? (A) "Billie Eilish fans are cringe. Therefore, Billie Eilish is cringe." (B) "Saturdays are for the boys. Therefore, Sundays are not for the boys." (C) "NEVER listen to a guy who doesn't deadlift. Drake deadlifts, so listen to him." (D) "Kanye is the greatest rapper of all time. Post Malone is a rapper, and thus Kanye is a better rapper than Post Malone." 80. Which of the following is a major philosophical problem with Scientism, the belief that all truth can be known through science? (A) Scientism cannot be proven through the scientific method. (B) Science does not account for the truths found in the Hesychast mystical methods. (C) Scientism was created by nerds who don't deadlift. (D) Science is always changing, so it cannot cling to objective truth. 81. Which of the following people has the lowest opportunity cost of voting in an election? (A) A lawyer who makes $100 per hour. (B) Pewdiepie, who is always busy making insanely good dollars from You Tube. (C) A fast-food worker who makes $15 per hour. (D) A dog, who does not know how to vote. 27
