7. Match each concept in Column A with an example in Column B. Column A Column B Consumer surplus 1. Profits а. b. The government mandates that the price 2. A price ceiling of milk must be at least $3 per gallon С. Marginal change 3. An increase in demand of one unit d. Producer surplus 4. A loss in social welfare that occurs when a market is not in equilibrium Deadweight loss 5. Part of the psychic benefits of buying something е. f. 6. A school of economics that opposes The government mandates that the price of gas can be no higher than $4 per gal- lon government regulation 9. Laissez-faire economics 7. A price floor

7. Match each concept in Column A with an example in Column B. Column A Column B Consumer surplus 1. Profits а. b. The government mandates that the price 2. A price ceiling of milk must be at least $3 per gallon С. Marginal change 3. An increase in demand of one unit d. Producer surplus 4. A loss in social welfare that occurs when a market is not in equilibrium Deadweight loss 5. Part of the psychic benefits of buying something е. f. 6. A school of economics that opposes The government mandates that the price of gas can be no higher than $4 per gal- lon government regulation 9. Laissez-faire economics 7. A price floor

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 9PA

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ges Table Illustrations Add-ins Media Links Comment Header & Text Symbols Footer 7 b_Kad 2.xlsx Price 10t Supply 6 3+.... Demand Shots 60 120 160 210 300 Quantity 27. Refer to the graph above. With an effective price ceiling at $3, the quantity supplied: A) falls from 210 to 120. B) falls from 120 to 60. C) increases from 120 to 210. D) increases from 60 to 120. la_Kac II_2 28. Refer to the graph above. With the effective price ceiling the quantity bought is: A) 60 B) 210 c) 160 d) 120 29. Refer to the graph above. With the effective price ceiling at $3, total consumer surplus will be: A) $240 B) $360 d) S300 d) $150 ductio Shot 7.01 PM
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