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Question 1 (Marks: 20) Multiple-choice questions: Select one correct answer for each of the following. In your answer booklet, write down only the number of the question and next to it, the number of the correct answer. Q.1.1 Which of the following results from an effective price floor? (2) (1) Equilibrium (2) Producer surplus (3) Excess supply (4) Excess demand Use the diagram below to answer Q.1.2 to Q.1.4. Q.1.2 A price ceiling of R2 in the market will lead to: (2) (1) A shortage of 60 units in the market. (2) Excess demand for the good. (3) The development of a black market. (4) All of the above are likely effects of a price ceiling of R2. Q.1.3 If government sets a minimum price of R2 in the market: (2) (1) The quantity demanded of the good in the market is likely to be 50 units. (2) The quantity supplied of the good in the market is likely to be 50 units. (3) Both statements (1) and (2) are correct. (4) The market demand will be 80 units and the market supply will be 20 units. O The independent institute of Education [Pty) Lid 2020 Page 4 of 10