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 equilibrium price. 0 A price ceiling set below the equilibrium price. 0 A price oor set above the equilibrium price. Question 4 2 pts What is consumer surplus? O The amount of money saved by consumers as a result of a price ceiling. O The area between the supply curve and the market price. 0 The scenario where there are too many consumers and not enough producers. O The difference between consumers' willingness to pay and the actual price paid. Question 5 2 pts Eddie goes to Best Buy to buy a new TV. He is willing to pay $400 for the TV he wants. If the price for the TV is $275, what is Eddie's consumer surplus? O $275 O $400 O $675 O $125 Question 6 2 pts Emma goes to Home Depot to buy a leaf blower. Her willingness to pay for a new leaf blower is $100. The cheapest leaf blower is $125, what is Emma's consumer surplus? O $0 O $25 O $225 O -$25Graphically, producer surplus is depicted as O the area between the supply and demand curve 0 the area between the demand curve and the price 0 the total area above the supply curve 0 the area above the supply curve, below the price Question 8 2 pts Which of the following is true regarding economic surplus? Q It is minimized when a free market reaches equilibrium 0 It is unimportant when determining the efciency of a market 0 It is consumer surplus minus producer surplus Q It is the sum of consumer and producer surplus Question 9 2 pts What is deadweight loss? O An overall reduction in economic surplus resulting from an inefficiency such as a price control. O The reduction in consumer surplus as a result of a price floor. O The decrease in price from the institution of a price ceiling. O The number of people who can no longer purchase a good as a result of a price ceiling. Question 10 2 pts Suppose a price ceiling set below the equilibrium price for a good creates a shortage. Which of the following statements is true? O The price ceiling will cause a decrease in producer surplus. O All of these statements are true regarding a shortage created by a price ceiling. O The price ceiling creates deadweight loss since fewer units of the good are sold. O The market becomes inefficient as there are mutually beneficial trades that could take place if the price were allowed to rise