Question 9 Correct Mark 1.00 out of 1.00 P Flag question The following figure shows the market for apartments in a big city. (Assume linear demand and supply curves.) Price (dollars per month) Supply 480 400 780 Demand 700 Quantity (apartments] Suppose the government decides to set a rent ceiling of $400 per month. When the price is $400, the quantity demanded is Q, and the quantity supplied is Q. With this price ceiling, the minimum possible deadweight loss is $[Answer]. (In decimal numbers, with two decimal places, please.) Answer: | 28000.00 Check Correct Marks for this submission: 1.00/1.00. Question 10 Incorrect Mark 0.00 out of 1.00 Flag question Continue with the $400 price ceiling. Consider two alternative ways of allocating the apartments when a shortage is present: bribery and waiting in line. Assume the per-unit cost of waiting time is same for all buyers, then the difference between the total social welfares under the two scenarios is $[Answer]. (In decimal numbers, with two decimal places, please.) Answer: | 28000.00 Check Incorrect Marks for this submission: 0.00/1.00. This submission attracted a penalty of 0.33.Question 11 Not complete Marked out of 1.00 Flag question Continue with the $400 price ceiling. There will be a shortage of [Answer] apartments. (In decimal numbers, with two decimal places, please.) Answer: Check Question 12 Not complete Marked out of 1.00 Flag question Assume that the consumption is automatically allocated to the highest-valuation consumers. The consumer surplus after the price ceiling is enforced is $[Answer]. (In decimal numbers, with two decimal places, please.) Answer: Check