Ques'io" 41 A government decides to set a price ceiling on bread of $2.40 so that bread is affordable to the poor. The conditions of demand and NDWBt supply are given in the table below. What will be the price and quantity of bread purchased? answered Points outof Price 0d 05 1.00 $1.60 9,000 5,000 l? Flag question $2.00 8,500 5,500 $2.40 8,000 6,400 $2.30 1500 7,500 $3.20 ?,000 9,000 $3.60 6,500 11,000 $4.00 6,000 15,000 Select one: O a. $2.00; ?,000 O b. $2.40; 6,400 O c. $2.40; 8,000 Q d. $3.20; 1,000 Quesm'" 42 Compare a market operating at a quantity lower than equilibrium (ie. a price oor) with the same market operating at the equilibrium \"013'91 quantity. Which of the following statements are true? answered Points out of Select one: 1.00 O a. A market operating below equilibrium will transfer some consumer surplus to producers. \\7' Flag question (3- b. A market operating below equilibrium will transfer some producer surplus to consumers. C} c. It is unclear ifthe consumer surplus is greater or less at the market operating below equilibrium. ."\\ \\_/ d. A price floor will increase the producer and total surplus. Question 43 Not yet answered Points out of 1.00 if\" Flag question How would the equation where x=3 and y=4 be represented in a XY graph, and what does it sag.r about the relationship between X and Y? Select one: C) a. "he beginning point v=3 on the Yaxis has horizontal line to the right from that point. X also has a horizontal straight line from x=4. The lines for x and y will cross each other. C} b. "he beginning point v=4 on the Y axis has a horizontal line straight to the right: Xaxis has a vertical line straight up from x=3. With the two points on the graph, there is an intersection point where the x and y will cross each other. C} c. "he beginning point v=4 on the Yaxis has horizontal line to the right from that pointI X also has a horizontal straight line from x=3. The lines for x and y will not cross but run in parallel with each other. C) d. There is a straight horizontal line on the Xaxis beginning atthe point x=3. A straight vertical line starts along the Yaxis originating at F4. The relationship indicates that the value ofX is not dependent on the value on. memo" 44 Economists would say that the decisions we make are influenced by Notyet answered Selectone: Points out of F . 100 J a. sOCIetal demands. f, Flag L_,' b. potential revenue \"\"93\"\" C} c. tradeoffs. .'\\ t_,- d. output costs. memo" 45 Requiring that all employees get a minimum wage of $8.00 is an example ofa Notyet answered Select one: Points out of . .. O a. price ceiling. 1.00 f, Flag L_,' b. rent control. \"\"95\"\" O c. Free market .'\\ t_, d. price floor. Quesm'" 46 If the government sets oor prices for wheat or corn that guarantee farmers an above-market price for that product. the most probable \"013'91 result would be what? answered Points outof Select one: 1.00 _ O a overproduction. \\f' Flag question 0 b A black market for wheat and corn. 0 c more suppliers would leave the market. 0 d the market would suffer shortages. Question 49 Not 3: et answered Points out of 1.00 1,7\" Flag question Sam wants to improve his GPA. to earn a 4.0 this semester. His prior GPA was a 2.?5. Imagine that there is an equation that says his new GPA could be calculated based on the number of hours he spends studying, his class attendance, and his prior GPA. Written as an equation, it is Grade = {0.50 x hours spent studying) + [0.25 x class attendance hours) + (0.25 x prior GPA). Sam plans to attend class for 4 out of 4 hours each week. Use the equation to determine approximately how man}.r hours per week Sam needs to study.r to earn a 4.0. Select one: r \\_ L_, a. 4.0 hours 0 b. 2.3 hours c, c. 4.6 hours C) d. 1.? hours Questio n 5 0 Not yet answered Points out of 1.00 i? Flag question Cruise Budget Constraint ii dresses H N m in U1 01 O 10. 0 10 12 El 2 4 6 8 it pairs of shoes Danielle is planning a cruise to Mexico and has a budget for new clothes of $300. The average price for a pair of shoes is $50 while the average price for a suit is $100. Danielle already has 4 pairs of shoes purchased for her cruise, what is the opportunity cost of buying two more pairs of shoes? Select one: 0 a. 2 dresses 0 b. 1 pair of shoes 0 c. 1 dress 0 d. 3 dresses