Ques'i'm1 Suppose the government sets a price floor of $15 on a good that has a market-clearing price of $12. Which of the Notyetanswered following statements will be true? Points out of 1.00 l7 Flag question 0 3. There is not enough information to determing the effect. 0 b. There will be a shortage. O c. There will be a surplus. 0 d. Quantity demanded will be equal to quantity supplied. Question 2 If the government were to eliminate an effective price ceiling then... Not yet answered Points out of 1.00 Producer surplus would tend to Flag question Consumer surplus would tend toQuestion 3 Not yet answered Points out of 1.00 V Flag question Agricultural guaranteed prices are a real-world example of a c . The food price controls of Venezuela are a real-world example of a Question 4 Price Per Not yet answered Unit $30 Points out of 1.00 Flag question $25 Supply $20 $15 $10 $5 25 50 75 100 125 150 175 200 Quantity The graph above shows the demand and supply of a good. Suppose the government imposes a price ceiling of $10 per unit. There will be a of units.math" 5 Suppose the government sets a price floor of $14 on a good that has a marketclearing price of $12. N01 Yet answer\" Statement I) All producers are better off. Points out 011.00 Statement II) All consumers are better off. F Flag question 0 a. Statement | is true but Statement II is false. 0 b. Statement | is false but Statement II is true. 0 c. Both statements are true. 0 d. Both statements are false. Question 6 Not yet answered PrlCe Per Points out of 100 Unit 5 14 .................. \\7 Flag question $12 ................. Quantity 0 1o 20 30 4o 50 so 70 80 0f Honey The graph above shows the supply and demand of a good with a price ceiling of $6.00. Which of the area(s) above represents Producer Surplus when there is a price ceiling? O a. The sum of Area C and Area E. O b. Area F O c. Area A 0 d. The sum of Area A, Area B, and Area D. 0 e. The sum of Area A and Area B. Question 7 Suppose there was a market with a perfectly inelastic demand curve and an upward-sloped supply curve. Not yet answered If the government imposed a price ceiling below the market-clearing price then which of the following scenarios would Points out of 1.00 occur? Flag question O a. There is not enough information to predict the effect of the price control. O b. There would be a shortage. O c. There would neither be a shortage nor a surplus. O d. There would be a surplus