Examlex

Solved

The Following Figure Shows the Effect of a Price Ceiling

question 71

Multiple Choice

The following figure shows the effect of a price ceiling in the market for yams.The market was initially in equilibrium at price P2 and quantity B.
Figure 10-1 The following figure shows the effect of a price ceiling in the market for yams.The market was initially in equilibrium at price P<sub>2 </sub>and quantity B. Figure 10-1   -Refer to Figure 10-1.The change in aggregate consumer surplus due to a price ceiling set at P<sub>1</sub> is area _____. A) -EFJ B) EFJ + P<sub>2</sub>JIP<sub>1</sub> C) EFJ - P<sub>3</sub>EJP<sub>2</sub> D) P<sub>2</sub>JIP<sub>1 </sub>- EFJ
-Refer to Figure 10-1.The change in aggregate consumer surplus due to a price ceiling set at P1 is area _____.


Definitions:

Spanking

The act of striking the buttocks with an open hand as a form of punishment or discipline.

Surprising Fact

An unexpected piece of information that is surprising or startling to learn.

Transcendent Goodness

A concept of moral or ethical superiority that goes beyond ordinary limits to embrace universal values.

Savage

Wild and untamed; often used to describe a ferocious and primitive state or a fiercely violent person or animal.

Related Questions