questions 1-5

QUESTION 1. ll DOIDU A price ceiling is binding if it is __ the equilibrium price. 0 less than O equal to O greater than 0 none of above Question 2 (1 point) When the government imposes a binding price ceiling, which of the following will occur? 0 A shortage of the good 0 The supply curve will shift to the left 0 The demand curve will shift to the right 0 a surplus of the good Question 3 (1 point) Suppose the market demand is given by Qd=100-P, the market supply is given by Qs=P. The government imposes a price ceiling of $40. Which of the following will occur? C; a surplus of 20 O no impact on the market (\"it a shortage of 20 5/ Question 4 (1 point) Suppose the market demand is given by Qd-100-P, the market supply is given by Qs=P. The government imposes a price ceiling of $60. Which of the following will occur? 0 a surplus of 20 O a shortage of 20 0 no impact on the market Question 5 (1 point) When the government imposes a binding price ceiling. producer surplus increases & consumer surplus decreases