Which of the following accurately describes the result if the price of a good or service is set below the equilibrium price? (2 points)

There will be a surplus of that good.

Some of the consumer surplus from equilibrium will be transferred to producers.

The producers will supply a lower quantity than consumers will demand.

The consumer surplus will decrease.

The price elasticity of demand will increase to reflect the lower quantity transacted.

Which of the following groups would not directly benefit from the removal of an import quota on Good X? (2 points)

Foreign suppliers

Domestic suppliers

Domestic consumers

Domestic suppliers of Good Y, a complement of Good X

Domestic consumers of Good Y, a complement of Good X

18. (02.08 MC) (2 points) Price Supply A P D Demand Qar Q Quantity (units) The graph above illustrates a binding price floor. What represents the area of deadweight loss? O A O B +C O E OF OE+F