Not yet answered Marked out of 2 P Flag question Amanda buys a ruby for $330 for which she was willing to pay $340. The minimum acceptable price to the seller, Tony, was $140. Amanda experiences Select one: a. a consumer surplus of $10, and Tony experiences a producer surplus of $190. O b. a producer surplus of $200, and Tony experiences a consumer surplus of $10. O c. a consumer surplus of $670, and Tony experiences a producer surplus of $200. O d. a producer surplus of $10, and Tony experiences a consumer surplus of $ 190.yet answered Ma price Price S, 0 Quantity Quantity (2) (b ) Refer to the diagrams for two separate product markets. Assume that society's optimal level of output in each market is Q and that government purposely shifts the market supply curve from S to S, in diagram (a) on the left and from S to Sz in diagram (b) on the right. We can conclude that the government is correcting for Select one: O a. negative externalities in diagram (a) and positive externalities in diagram (b). O b. positive externalities in diagram (a) and negative externalities in diagram (b). O c. negative externalities in both diagrams. O d. positive externalities in both diagrams. SQuestion ot yet answered Marked out of 2 P Flag question Where there is asymmetric information between buyers and sellers, Select one: O a. product shortages will occur at the equilibrium price. O b. product surpluses will occur at the equilibrium price. O c. markets can produce inefficient outcomes. O d. markets will fail due to the "free-rider problem."XU 8 0 b Price D 0 Q1 Q 2 Q3 Quantity Refer to the provided graph of a competitive market. If the output level is Q2, then there will be Select one: O a. allocation efficiency. O b. maximum deadweight losses. O c. maximum consumer surplus. O d. greater marginal benefits than marginal costs of the product 1:37:24t yet answered Marked out of 2 Play Buyers will opt out of markets in which Select one: O a. there are significant negative externalities. O b. standardized products are being produced. O c. there is inadequate information about sellers and their products. O d. there are only foreign sellers.uestion 23 ot yet answered Marked out of 2 P Flag question Pigovian taxes Select one: O a. are used to correct negative externalities. O b. are used to correct positive externalities. O c. are primarily designed to fund public goods. O d. are a form of income tax.uestion & l t yet answered Marked out of 2 P Flag question Market failure is said to occur whenever Select one: O a. private markets do not allocate resources in the most economically desirable way O b. prices rise. c. some consumers who want a good do not obtain it because the price is higher than they are willing to pay. Od. government intervenes in the functioning of private markets. Nextof yet answe Price Q Quantity Refer to the diagram. Assuming equilibrium price P1, consumer surplus is represented by areas Select one: Oa. atb. Ob . atb+ c +d . Occ+d . Od. atc .lot yet answered Marked Out of 2 Flag Product Minimum Acceptable Price Actual Price (Equilibrium Price) A $6 $13 7 13 n 13 11 13 Refer to the provided table. What is the producer surplus for all producers A, B, C, and D? Select one: O a. $6 Ob. $13 Oc. $19 Od. $24 Next pageuestion 29 swer saved Marked out of 2 P Flag question Some sellers of used cars provide warranties to buyers, with the aim of reassuring buyers that the car is of good quality. These warranties help reduce the chance of what occurring? Select one: O a. negative externalities O b. adverse selection O c. spillover benefits O d. moral hazard