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.

If the relative price of one unit of good X is 5 units of good Y, then it follows that the absolute price of good X can be __________ and the absolute price of good Y can be __________.

If the absolute price of a computer is $500 and the relative price of a dining room table is 3 computers, it follows that the absolute price of a dining room table is

Exhibit 4-8 Refer to Exhibit 4-8.  Suppose that wheat producers  lobby the government for a price floor and receive one.  This price floor is set at PF.  How many fewer units of wheat will be sold at the price floor than at the equilibrium price?