Questions 1-3

1 . Market demand is given by Qod = 150 - 3P . Market supply is given by QS = 2 p 150 A ) $ 30 Which legally imposed price would constitute a binding price ceiling ? B ) $ 20 ( ) $ 15 " D ) $25 2 . Refer to the following Table . The price and quantity relationship is most likely faced by a firm in which type of market Quantity Price per it em $ 15 A ) Perfect competitive market Z $15 B) Monopolistic competition 3 $ 15 ( ) oligopoly $ 15 D ) Monopoly $ 15 $ 15 7 B IS $ 15 9 $15 3 . What is economic profit? A ) total revenue minus accounting cost B) total revenue minus cost incurred to purchase machines ( ) total revenue mings cost incurred to purchase machines and hise workers D) total revenue minus accounting cost and opportunity cost