Using supply and demand to analyze markets
11 important questions on Using supply and demand to analyze markets
Define consum er and producer surplus.
How does the dem and choke price relate to consumer surplus?
How does a supply shift affect consumer and producer surplus in a given market? Consider both inward and outward shifts of the supply curve.
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What is a price ceiling? Why does a price ceiling create excess dem and for (shortage of) a good?
What is a price floor? Why does a price floor create an excess supply of (surplus of) a good?
What is a deadweight loss? If the price elasticity o f a good is large, w ould you expect the deadweight loss to be large or small?
When is a price ceiling nonbinding? When is a price floor nonbinding?
What is a quota? How does it differ from a price ceiling or a price floor?
What happens to the equilibrium price and quantity of a good when a tax is imposed on the good? Why does a tax create a wedge between the price the consumer pays and the price the producer receives?
How does a tax affect consumer and producer surplus? Why does a tax create a deadweight loss?
What is a subsidy?
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