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Author Question: In 1970s the federal government imposed price controls on natural gas. Which of the following ... (Read 86 times)

cagreen833

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on: Jul 1, 2018
In 1970s the federal government imposed price controls on natural gas. Which of the following statements is true?
 
  A) These price controls caused a chronic excess supply of natural gas.
  B) Consumers gained from the price controls, because consumer surplus was larger than it would have been under free market equilibrium.
  C) Producers gained from the price controls because producer surplus was larger than it would have been under free market equilibrium.
  D) This episode of price controls was unusual, because it resulted in no deadweight loss to society.

Question 2

Sugar can be refined from sugar beets. When the price of those beets falls,
 
  A) the demand curve for sugar would shift right.
  B) the demand curve for sugar would shift left.
  C) the supply curve for sugar would shift right.
  D) the supply curve for sugar would shift left.


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coreycathey

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

C


cagreen833

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Reply 2 on: Jul 1, 2018
Excellent

tuate

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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