Business, 10.10.2019 21:00, sandersmakaylaovq5vu
Assume that a price ceiling is imposed and there is no black market in gasoline. compare the economic surplus in this market when there is no price ceiling to when there is a price ceiling. the price ceiling creates
a. new surplus equal to the area under the demand curve and above the supply curve for units between the quantity with the price ceiling and the equilibrium quantity.
b. a deadweight loss equal to the area under the demand curve and above the supply curve for units up to the quantity with the price ceiling.
c. new surplus equal to the area under the demand curve and above the supply curve for units up to the equilibrium quantity.
d. a deadweight loss equal to the area under the demand curve and above the supply curve for units between the quantity with the price ceiling and the equilibrium quantity.
Answers: 2
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Assume that a price ceiling is imposed and there is no black market in gasoline. compare the economi...
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