provide clear explanation to your choice ,else it will of no help to me

158.When an effective price ceiling is imposed in a competitive market, what typically happens to consumer

surplus, producer surplus, and deadweight loss?

(A) Rises rises rises

(B) Falls rises falls

(C) Rises falls falls

(D) Falls falls no change

(E) Rises falls rises

159.All else equal, the ____________ a price ceiling is set ____________ the equilibrium price, the ___________

deadweight loss is created by the policy.

(A) Further; below; less

(B) Further; below; more

(C) Further; above; more

(D) Closer; above; less

(E) Closer; below; more

160.A competitive market produces the equilibrium quantity that maximizes total surplus because for the last

unit exchanged, the ____________ is equal to the ___________.

(A) Total utility consumers receive; total profit producers earn

(B) Total revenue producers earn; total cost producers incur

(C) Marginal utility consumers receive; price consumers pay

(D) Price consumers are willing to pay; marginal cost producers incur

(E) Consumer surplus; producer surplus

161.When competitive markets are freely allowed to come to equilibrium, __________ is achieved.

(A) Allocative efficiency

(B) Deadweight loss

(C) Price maximization

(D) Productive efficiency

(E) Price-control efficiency

162.Which of the following statements are correct?

I. Price controls create deadweight loss because for the last unit exchanged, willingness to pay

exceeds marginal cost.

II. A competitive market produces an equilibrium price that efficiently allocates resources to the

market.

III. Price controls are the only source of deadweight loss in markets.

(A) I only

(B) II only

(C) III only

(D) I and II only

(E) II and III only

163.An excise tax is a tax that

(A) Is regressive

(B) Is progressive

(C) Taxes each unit of production

(D) Is a tax placed on buyers

(E) Is a tax placed on sellers

164.The term __________ refers to the distribution of a tax burden on buyers and sellers.

(A) Administrative cost

(B) Tax incidence

(C) Tax rate

(D) Proportional tax