An effective price floor placed on a market for a good will have which of the following effects on the quantity purchased by consumers and the consumer surplus?

The following questions refer to the graph below showing cost curves for a perfectly competitive firm. A graph in the first quadrant is shown with price on the vertical axis and number of widgets in thousands on the horizontal axis. The vertical axis is labeled from 0 to 16 dollars in increments of 1 dollar, and the horizontal axis is labeled from 0 to 24 in increments of 1. Each labeled value has reference ines, and these lines form a grid across the graph. Two curves are plotted, both concave up everywhere, decreasing on the left before reaching a minimum and increasing on the left. The first curve is labeled average total cost which passes through 10 dollars and 3000 widgets while decreasing to its minimum at 6 dollars and 12000 widgets, then increases to 12.5 dollars and 24000 widgets on the right. The second curve is labeled marginal cost, which is decreasing through the point 6 dollars and 2000 widgets to its minimum 3 dollars and 6000 widgets before increasing to 14 dollars and 19000 widgets. The marginal cost curve intersects the average total cost curve at the minimum of the average total cost curve. If the market price is $10, how many widgets should this profit-maximizing firm produce?

The table below shows the long-run total cost function of a firm. Table: Long Run Total Cost Function Quantity of Output Total Cost ($) 0 0 1 10 2 20 3 30 4 40 5 50 The firm’s cost function exhibits

The diagram above shows the production possibilities curves for two countries, Country X and Country Y. Assume that both countries use equal amounts of resources in production. If the two countries engage in trade, both would be better off under which of the following conditions? A graph in the first quadrant is shown with cars on the vertical axis and planes on the horizontal axis. Two values, 20 and 60, are labeled on the vertical axis, and one value, 40, is labeled on the horizontal axis. A line labeled X starts at the value 20 on the vertical axis and ends at the value 40 on the horizontal axis. A second line labeled Y starts at the value 60 on the vertical axis and ends at the same point as line X at the value 40 on the horizontal axis.

When a firm is experiencing economies of scale, an increase in the firm’s output will result in which of the following?

The following questions are based on the table provided.The table provided shows a firm’s average fixed cost (AFC), total variable cost (TVC), and total economic profit at different levels of output in units. Table: Average Costs at Different Outputs Output AFC TVC Profit 50 $20 200 $1,600 $1000 If the marginal revenue of the 201st  unit of output is $15  and the marginal cost of the 201st unit is $20, the total economic profit of producing 201 units will be

A graph in the first quadrant is shown with quantity on the horizontal axis and price in dollars on the vertical axis. The values Q prime and Q with Q prime less than Q are labeled on the horizontal axis, and the values 9.45, 10, 10.45, and 11 are labeled on the vertical axis. A line is plotted on the graph that is labeled demand and starts near the top of the vertical axis, above the value 11, and decreases to the right, ending on the horizontal axis. Two other parallel lines are plotted on the graph, with the upper line labeled supply after tax and the lower line labeled supply. Both lines start on the vertical axis below 9.45 and increase to the right. The upper line crosses the demand line at quantity Q prime and price 10.45, and dashed reference lines are drawn from the axes to this intersection. The lower line crosses the demand line at quantity Q and price 10, and dashed reference lines are drawn from the axes to this intersection. Dashed reference lines are also drawn from the price 9.45 to quantity Q prime and the supply line, and from price 11 to quantity Q and the supply after tax line. What is the price paid by consumers and the net price received by producers after the tax is paid?

If the supply of fish increases, there will be

In the rental housing market, what would be the effect of a rent control that was set at the market equilibrium rental price?

Which of the following would most likely result in a decrease in the equilibrium price of oranges?