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I need help on these 2 micro questions: Question 18 (4 points) Which of the following statements is necessarily true if the government implements an
I need help on these 2 micro questions:
Question 18 (4 points) Which of the following statements is necessarily true if the government implements an effective price ceiling? O The consumer surplus decreases. O The producer surplus decreases. Q There is no deadweight loss. 0 None of above. Question 19 (4 points) Consider the market for oil. Suppose the demand curve is a vertical line and the supply curve is a straight non-vertical line with a positive slope. If the government imposes an excise tax on the producers of this market, which of the following statement is TRUE? O The sellers bear some economic burden of the tax, but consumers bear most of the economic burden of the tax. 0 The sellers must bear most of the economic burden of the tax. 0 The consumers bear the entire economic burden of the tax. O The economic burden of the tax falls on producers and consumers equallyStep by Step Solution
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