Reference: Ref 8-11 (Figure: Price Ceilings and Consumer Valuation) Refer

question 32

Multiple Choice

Reference: Ref 8-11 (Figure: Price Ceilings and Consumer Valuation) Refer to the figure. Suppose a price ceiling of $3 goes into effect. What is the loss of consumer surplus due to the random allocation of price controlled goods compared to the allocation only to the highest value users?

• A) $90
• B) $60
• C) $150
• D) $30

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Definitions:

Attribute

A quality or feature regarded as a characteristic or inherent part of someone or something.