Table 3-4Price of Good XQuantityDemandedQuantitySupplied$10400601126070123108013230901413013015  70110​Refer to Table 3-4. At a price of $12, there is a ____________ unit  ____________ of good X.

Table 3-5Price of Good XQuantitySuppliedQuantityDemanded$204002601936029018310310172303501613040015  70450​Refer to Table 3-5. At a price of $16, the quantity demanded of good X is ____________ than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon ______________.  This would push the price __________ the equilibrium price.

Figure 3-1​​Refer to Figure 3-1. At a price of $6 there is a

Figure 4-7​​​​​Refer to Figure 4-7. Suppose that wheat producers lobby the government for a price floor and receive one. This price floor is set at PF. What has happened to the consumers’ surplus as a result of the imposition of the price floor?

Table 4-2  Price of Good ABCQuantity DemandedQuantity Supplied$41004058080660110750160​​Refer to Table 4-2. Suppose that the government imposes a price floor in the market for good ABC at a price of $6. How many fewer units would be bought and sold at the price floor compared to the number of units that would be bought and sold in a free market?

Table 3-1Units of Good XMaximum Buying PriceMinimum Selling PriceResult1st$12$6(A)2nd117(B)3rd108(C)4th99(D)5th810(E)6th711(F)​Refer to Table 3-1. Fill in blanks (E) and (F) respectively with “Exchange” or “No Exchange”to indicate whether or not exchange would take place at the given prices.

Which of the following pairs of variables is most likely to be directly related?

Figure 1-1​​Refer to Figure 1-1.  The student whose study habits are illustrated in this diagram will maximize the net benefits of studying when she has studied __________ hours.

Exhibit 4-3 Refer to Exhibit 4-3. If price P1 is a price ceiling, then

Price ceilings sometimes result in some buyers and sellers purchasing the good at prohibited prices.