The equilibrium price of coffee mugs rose sharply last month, but the equilibrium quantity was the same as ever. Three people tried to explain the situation. Which explanations could be right? ( ) Billy: Demand increased, but supply was totally inelastic. Marian: Supply increased, but so did demand. Valerie: Supply decreased, but demand was totally inelastic.
A. Billy and Valerie
B. Marian and Valerie
C. Billy and Valerie
D. Only Billy
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Which of the following would increase quantity supplied, decrease quantity demanded, and increase the price that consumers pay? ( )
A. the imposition of a binding price floor.
B. the removal of a binding price floor.
C. the passage of a tax levied on producers .
D. the repeal of a tax levied on producers .
If the government places a $100 tax on luxury cars, which of the following is true ( )
A. the price paid by consumers will rise by more than $100 as a luxury car likely has an elastic demand
B. the price paid by consumers will rise by more than less than $500 as a luxury car likely has an elastic demand
C. the price paid by consumers will rise by exactly $100 as as a luxury car likely has an perfectly elastic demand
D. the price paid by consumers will rise by exactly $100 as as a luxury car likely has an perfectly inelasticsupply
Jen values her time at $60 an hour. She spends 2 hours giving Colleen a massage. Colleen was willing to pay as much at $300 for the massage, but they negotiate a price of $200. In this transaction, ( )
A. consumer surplus is $20 larger than producer surplus.
B. consumer surplus is $40 larger than producer surplus.
C. producer surplus is $20 larger than consumer surplus.
D. producer surplus is $40 larger than consumer surplus.
Governments may intervene in a market economy in order to ( )
A. protect property rights.
B. correct a market failure due to externalities.
C. achieve a more equal distribution of income.
D. All of the above.
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