ECON 300 EXAM 1 | 122
QUESTIONS MERGED WITH
CORRECT VERIFIED SOLUTIONS |
ALREADY GRADED A+ | 2026-2027
LATEST UPDATE!!!
A binding price ceiling: - ANSWER-causes a shortage, has an uncertain
effect on consumer surplus, and reduces producer surplus.
A binding price floor: - ANSWER-causes a surplus, reduces consumer
surplus, and has an uncertain effect on producer surplus.
A decrease in demand: - ANSWER-produces excess supply, causing
equilibrium price to decrease.
A decrease in demand: - ANSWER-Produces excess supply, causing
equilibrium price to decrease.
A decrease in supply: - ANSWER-creates excess demand, causing
equilibrium price to increase.
A decrease in supply: - ANSWER-Creates excess demand, causing
equilibrium price to increase.
, A nonbinding price floor: - ANSWER-does not cause any deadweight
loss.
A per-unit tax on a good that sellers are legally responsible for paying:
- ANSWER-decreases supply, increases the equilibrium price, and
decreases consumer surplus.
A quota limiting the production of a good to a quantity less than the
market equilibrium quantity: - ANSWER-lowers consumer surplus,
may cause producer surplus to increase, and creates a deadweight
loss.
All else equal, a demand increase: - ANSWER-has an uncertain effect
on consumer surplus but causes producer surplus to increase.
All else equal, a negative supply shock: - ANSWER-causes consumer
surplus to decrease but has an uncertain effect on producer surplus.
As the size of a per-unit tax increases: - ANSWER-the deadweight loss
resulting from the tax gets bigger.
Change in Demand - ANSWER-A shift of the entire demand curve
caused by a change in a determinant of demand other than the good's
own price.
Change in Quantity Demanded - ANSWER-A movement along the
demand curve that occurs as a result of a change in the good's price.
Change in Quantity Supplied - ANSWER-A movement along the supply
curve that occurs as a result of a change in the good's price.
Change in Supply - ANSWER-A shift of the entire supply curve caused
by a change in a determinant of supply other than the good's own
price.
QUESTIONS MERGED WITH
CORRECT VERIFIED SOLUTIONS |
ALREADY GRADED A+ | 2026-2027
LATEST UPDATE!!!
A binding price ceiling: - ANSWER-causes a shortage, has an uncertain
effect on consumer surplus, and reduces producer surplus.
A binding price floor: - ANSWER-causes a surplus, reduces consumer
surplus, and has an uncertain effect on producer surplus.
A decrease in demand: - ANSWER-produces excess supply, causing
equilibrium price to decrease.
A decrease in demand: - ANSWER-Produces excess supply, causing
equilibrium price to decrease.
A decrease in supply: - ANSWER-creates excess demand, causing
equilibrium price to increase.
A decrease in supply: - ANSWER-Creates excess demand, causing
equilibrium price to increase.
, A nonbinding price floor: - ANSWER-does not cause any deadweight
loss.
A per-unit tax on a good that sellers are legally responsible for paying:
- ANSWER-decreases supply, increases the equilibrium price, and
decreases consumer surplus.
A quota limiting the production of a good to a quantity less than the
market equilibrium quantity: - ANSWER-lowers consumer surplus,
may cause producer surplus to increase, and creates a deadweight
loss.
All else equal, a demand increase: - ANSWER-has an uncertain effect
on consumer surplus but causes producer surplus to increase.
All else equal, a negative supply shock: - ANSWER-causes consumer
surplus to decrease but has an uncertain effect on producer surplus.
As the size of a per-unit tax increases: - ANSWER-the deadweight loss
resulting from the tax gets bigger.
Change in Demand - ANSWER-A shift of the entire demand curve
caused by a change in a determinant of demand other than the good's
own price.
Change in Quantity Demanded - ANSWER-A movement along the
demand curve that occurs as a result of a change in the good's price.
Change in Quantity Supplied - ANSWER-A movement along the supply
curve that occurs as a result of a change in the good's price.
Change in Supply - ANSWER-A shift of the entire supply curve caused
by a change in a determinant of supply other than the good's own
price.
