Reler to the figure. In the diagram, a minimom wage of $7 causes a Wage $10 B) x
ID: 1126019 • Letter: R
Question
Reler to the figure. In the diagram, a minimom wage of $7 causes a Wage $10 B) x+Z c) w+x 20 Quantity of labor 15 10 11) Which is an example involving an external benefit? A) a nice garden in front of someone's house B) air pollution C) a person littering a public highway D) the pollution of a streanm 12) Refer to the figure. When a price ceiling of S10 is instituted by the gov consumers are able to buy how many units of the product? A) 310 units B) 270 units C) 290 units D) 40 units $12 13) Price ceilings do not have much effect: 270 290 310 A) ever B) when market prices are at or below the ceiling. C) in times of high inflation. D) in nonmarket economies. 14) When the maximum legal price is below the market price we say that A) floor. B) support C) ceiling D) stabilization.Explanation / Answer
Answer.)
Q10.) B.) X+Z
Q11.) a.) A nice garden in front of someone's house
A positive externality is a benefit that is enjoyed by a third-party as a result of an economic transaction.
Q12.) B.) 270 units
Note at price $10, quantity supplied is 270 units and no producer is willing to supply any higher quantity of the good, therefore, buyers can only purchase 270 units of output.
Q13.) B.) when market price are at or below the ceiling
A binding price ceiling occurs when the government sets maximum price on a good at a price below equilibrium price level.Otherwise market achieves its optimal choice.
Q14.) C.) ceiling.
A binding price ceiling occurs when the government sets maximum price on a good at a price below equilibrium price level.Otherwise market achieves its optimal choice.