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Survey of economics
Question: In Table 1, what is the equilibrium price? $2  $3  $4  $5  In Table 1, suppose the government set...

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Show transcribed image text In Table 1, what is the equilibrium price? $2 $3 $4 $5 In Table 1, suppose the government sets the maximum legal price (i.e. a price ceiling) at $2 per unit. Then the quantity supplied will be 100 70 90 30 In Table 1, suppose the government required the price to be $4 per unit, then the: Quantity demanded 110 units Quantity purchased is 70 units There is a shortage of40 units There is a surplus of 110 units Suppose the government sets the maximum legal price e. a price ceiling at $0.25 per gallon, when the market price is $1.50. The Farsi government actions will: a) improve efficiency since the low prices will force producers to find cheaper production methods. b) result in gasoline surpluses in an oil-rich country. c) cause gasoline shortages in an oil-rich country d) improve equality between rich and poor since the poor can now afford gasoline.

In Table 1, what is the equilibrium price? $2 $3 $4 $5 In Table 1, suppose the government sets the maximum legal price (i.e. a price ceiling) at $2 per unit. Then the quantity supplied will be 100 70 90 30 In Table 1, suppose the government required the price to be $4 per unit, then the: Quantity demanded 110 units Quantity purchased is 70 units There is a shortage of40 units There is a surplus of 110 units Suppose the government sets the maximum legal price e. a price ceiling at $0.25 per gallon, when the market price is $1.50. The Farsi government actions will: a) improve efficiency since the low prices will force producers to find cheaper production methods. b) result in gasoline surpluses in an oil-rich country. c) cause gasoline shortages in an oil-rich country d) improve equality between rich and poor since the poor can now afford gasoline.