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You don't have to solve but can you explain how the answer is received please? Thank you. 16. Figure: Market I Price $22.50 20 S

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You don't have to solve but can you explain how the answer is received please? Thank you.

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16. Figure: Market I Price $22.50 20 S 15 9 5 D 0 5 9 15 Quantity Reference: Ref 5-36 (Figure: Market I) Look at the figure Market I. A price floor at $15 would result in deadweight loss of Oa. $40.50 Ob. $9 Cc. $20 Od. $1015. Figure: Market I Price $22.50 20 S 15 9 5 D 0 5 9 15 Quantity Reference: Ref 5-36 (Figure: Market I) Look at the figure Market I. If a price floor of $15 was imposed on this market and the government chose to purchase the surplus, the government would need to buy units of the good and spend a total amount of on its purchase. Oa. 9; $81 Cb. 10; $150 Oc. 5; $75 Od. 9; $135Market for a Can of Pop Price Quantity Demanded Quantity Supplied ($/unit) (cans) (cans) 0.50 0.75 1.00 1.25 1.50 Reference: Ref 5-1 (Table: The Market for Pop) Look at the table The Market for Pop. If the government imposes a price ceiling of $0.50 per can of pop, there will be: Oa. equilibrium in the market for pop. Ob. a shortage of 3 cans. Oc. a surplus of 3 cans. Od. a shortage of 2 cans.Price $6 5 S 4 3 2 0 10 20 30 40 50 60 Quantity Reference: Ref 4-21 (Figure: Producer Surplus III) Look at the figure Producer Surplus III. If the price of the good decreases from $2 to $1, producer surplus will decrease by: Oa. $5. Ob. $35. Cc. $15. Od. $25.Price S P2 M P. K 0 Q1 Q3 Quantity Reference: Ref 4-20 (Figure: Producer Surplus II) Look at the figure Producer Surplus II. If the price falls from P2 to P1, producer surplus decreases by the area: Oa. LMK. Ob. P2MO. Oc. P KO. Cd. P2P KM.\fPrice (per bushel) $10 S O - N WA C O V 00.60 2 4 6 8 10 12 Quantity of wheat (thousands of bushels per period) Reference: Ref 3-9 (Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. If a price of $8 temporarily exists in this market: Oa. a shortage of 4000 bushels will result. b. a surplus of 4000 bushels will result. Oc. a surplus of 6000 bushels will result. Od. a shortage of 2000 bushels will result

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