Resource Supply/Demand The Following Questions Refer to the Accompanying Graph, Which Shows

question 5

Multiple Choice

Resource Supply/Demand

The following questions refer to the accompanying graph, which shows the supply and demand for a resource. The owner of the resource is receiving the price P₀ and is providing the quantity Q₀.



-Refer to Resource Supply/Demand.If the government confiscates the rent and pays the owner area D to supply Q₀ units of the resource at a zero price,then

• A) area B + C is transferred from the resource owner to the government with no loss in social gain.
• B) area A + B + C overestimates the social gain that will be created.
• C) demanders will continue to receive area A + B + C + D in value from the resource.
• D) a deadweight loss equal to area B + C will be created.

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Definitions:

Eros

In Freudian psychology, the life instinct innate in all humans that drives individuals to seek pleasure and create life.

Instinct

Involving an inherited disposition to activate specific behavior patterns that enable an organism to reach specific goals.

Preserve Life

The act or practice of maintaining or sustaining life, typically in the context of health and survival.

Conditions of Worth

Standards that one believes they must meet to be valued by others and themselves, often leading to contingency-based self-esteem.