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Give the correct answer with detailed explanation and don't copy.. The diagram shows the market for gardening services. a. At the marketclearing price and quantity
Give the correct answer with detailed explanation and don't copy..
The diagram shows the market for gardening services. a. At the marketclearing price and quantity of $30 per hour and 8030 hours 01 gardening services purchased, the economic surplus is O A. the sum ofthe areas below the demand curve, up to B hours - i_e_, areas 5, 6, "LB, 5111,12. O B. the sum of the areas below the demand curve, but above the market-clearing price of $30 - i.e_, areas 5, 6, ti. 5 .p................. O C. the sum of the areas below the demand curve - i_e_, areas 1, 2, 3, t1, 5, 5, 7, 8, 9. O D. the sum of the areas abeve the supply curve and helm-4r the demand curve i.e., areas 5, 6, 7, B, 4. 3. Price (3% per hour) 0 E. the sum of the areas above the supply curve, but below the marketclearing price of $30 i.e., areas T, E, 3. o 2mm 4000 Boat] soon wane 12mm 14mm 1600:: Quantity [number of hours of gardening service per month) If the equilibrium price for some product is $1000, a price ceiling of $1500 will result in O A. the same general effects as an administered price of $1500. O B. no effects because the price ceiling is not binding at that price. O C. surpluses of the good. O D. the same general effects as a price floor of $1500. O E. the same general effects as a price ceiling of $500Step by Step Solution
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