Fill out document ch 6
Original Name: __________________________ Date: _____________ 1. Please refer to the above diagram. What would be the effect of a government law that required the good or service to be sold at price P2? A) The quantity of the good demanded would increase to QB, as would the quantity of the good supplied. B) The good would be overproduced. Suppliers would produce quantity QB, but consumers would demand only quantity QA. C) A shortage of the good would result. Consumers would demand quantity QB, but suppliers would produce only quantity QA. D) P2 is the equilibrium price, therefore the law would have no effect whatsoever. Please hand-write clearly or type-in an answer to all the following to receive full credit: A) Why is this response the right or wrong answer? B) Why is this response the right or wrong answer? C) Why is this response the right or wrong answer? D) Why is this response the right or wrong answer? 2. What effect would a government policy have which guaranteed that the good above would be sold at price P1? A) The good would be over-produced. Suppliers would produce quantity QB, but consumers would demand only quantity QA. B) A shortage of the good would result. Consumers would demand quantity QB, but suppliers would produce only quantity QA. C) The quantity of the good demanded would decrease to QA, as would the quantity of the good supplied. D) The law would have unpredictable results. Please hand-write clearly or type-in an answer to all the following to receive full credit: A) Why is this response the right or wrong answer? B) Why is this response the right or wrong answer? C) Why is this response the right or wrong answer? D) Why is this response the right or wrong answer: 3. If no government intervention takes place in the market for the good depicted in the figure above, _____ units will be produced, and the market price will be _____. A) QA, P1 B) QB, P1 C) QA, P2 D) QE, PE Please hand-write clearly or type-in an answer to all the following to receive full credit: A) Why is this response the right or wrong answer? B) Why is this response the right or wrong answer? C) Why is this response the right or wrong answer? D) Why is this response the right or wrong answer?
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
