Microeconomics
Which area on a graph represents deadweight loss due to a price floor?
What does the equilibrium quantity represent on a supply and demand graph?
Given a price floor of \$18, equilibrium price of \$15, demand axis price of \$25, and supply axis price of \$10, calculate the consumer surplus if the quantity sold is 40 units.
Which of the following is a real-world example of a price ceiling?
If a price floor is set above the equilibrium price, what happens to consumer surplus?
If a price ceiling is set below the equilibrium price, what happens to producer surplus?
Which algebraic method can be used to calculate the area of consumer surplus?
What is the effect of a price floor on market efficiency?
What is producer surplus?
What is consumer surplus?
