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If the government imposes a maximum price for milk that is above the equilibrium price<br />
__________ .<br />
A. this maximum price for milk will have no economic impact<br />
B. quantity demanded of milk will be less than quantity<br />
supplied<br />
C. demand for milk will be greater than supply<br />
D. the available milk supply will have to be rationed<br />
Question 16 of<br />
5.0/ 5.0 Points<br />
20<br />
Suppose that you are willing to pay $25 for a new shirt and the market price is $35. In this case<br />
__________ .<br />
A. you will not buy the good<br />
B. you will buy the good and receive a consumer surplus of $5<br />
C. you will buy the good and receive a consumer surplus of –$10<br />
D. you will buy the good and receive a consumer surplus of –<br />
$35<br />
Question 17 of<br />
5.0/ 5.0 Points<br />
20<br />
If the government sets a minimum price above the equilibrium price for soybeans, which of the<br />
following statements will be correct?<br />
A. There will be an efficient level of output<br />
produced.<br />
B. There will be excess supply.<br />
C. There will be excess demand.
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