ECON 1B03 Study Guide - Midterm Guide: Price Ceiling, Pencil, Economic Equilibrium
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ECON 1B03 Full Course Notes
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Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. Identify the choice that best completes the statement or answers the question. If the government imposes a binding price ceiling of . 00 in this market, the result would be a: surplus of 20, surplus of 40, shortage of 20, shortage of 30. A binding price floor would exist at: a price of . 00, a price of . 00, any price above . 00, any price below . 00. ___: assume that the demand and supply curves for cars are elastic. The price buyers will pay after the tax is imposed is: . 00, . 00, . 00, . 00. The price sellers receive after the tax is imposed is: . 00, . 00, . 00, . 00. The amount of the tax imposed in this market is: . 00 per unit, . 50 per unit, . 50 per unit, . 00 per unit.
