Homework Clinic
Social Science Clinic => Economics => Topic started by: BrownTown3 on Jun 29, 2018
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Producer surplus is the price received ________ summed over the quantity sold.
A) plus the consumer surplus
B) multiplied by the quantity sold
C) minus its marginal cost of production
D) subtracted from the value of the good
Question 2
In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of 600 per month. Then the government imposes a rent ceiling of 500 per month.
If the law is strictly enforced, the maximum for which an apartment will rent on the black market is A) less than 600 per month.
B) 600 per month.
C) 700 per month.
D) more than 700 per month.
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Answer to Question 1
C
Answer to Question 2
C