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ECON1210_COMMON02 ECON1210_COMMON02 [2024]
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(I) decreases a binding price floor by a small amount in that market
(II) increases a tax on the good sold in that market
(III) decreases a binding price ceiling by a small amount in that market
Refer to the table below. Which of the following statements is/are correct?
I. If the price per pizza is $3, we expect the price to increase because there is an excess supply in the market.
II. If the price per pizza is $6, there is an excess demand of 300 units.
III. In this market, there will be an excess supply of 500 pizzas at a price of $16.
IV. The seller's revenue in an unregulated market is higher than in any regulated market.
Suppose a product is characterized by linear downward-sloping
demand curve and linear upward-sloping supply curve, the market is initially in equilibrium. Then the government imposes a binding price floor, then the
price control
(I) causes the quantity demanded to decrease, relative to the initial equilibrium.(II) causes the producer surplus to increase, relative to the initial equilibrium.(III) results in some firms being more successful than others in selling their goods.The prices for smartphones are so high that the average citizen can barely afford it. The government is
considering to implement a price control to keep smartphones affordable for its citizens. Which kind of
price control is the government considering?
(I) price floor
(II) price ceiling
(III) excise tax
Suppose the government decides to impose a price ceiling at $500/apartment. Suppose now people compete to purchase the house by waiting-in-line (suppose the
per-unit cost of
waiting time is same for all buyers)
. What is the resultingsum of consumer
surplus and producer surplus in the market?
What happens if the government decides to set a price ceiling at $1500?
(I) The rent price will increase(II) The demand for rental housing will decrease(III) The supply for rental housing will increase(IV) The quantity demanded for housing will fall
Consider a rent control that sets the rent below the equilibrium rent. We expect a bigger excess demand
when
Consider setting a price floor above the market equilibrium price. A bigger excess supply is expected when
The following equations describe the demand and supply of the market for taxi services in Utopia.
Demand: P=100-5Qd
Supply: P=10+4Qs
where P is the taxi fare ($/km), Qd and Qs are quantity demanded and quantity supplied respectively.
What happens in the short run if the government decides to set a price floor at $60 (Ignore the effect on long-run quality change)?
(I) The quantity demanded for taxi services will increase.
(II) The supply for taxi services will fall.
(III) The taxi fare would remain the same.
(IV) The quantity supplied for taxi services will increase.