This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In 1970s the federal government imposed price controls on natural gas. Which of the following ... (Read 92 times)

cagreen833

  • Hero Member
  • *****
  • Posts: 544
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

coreycathey

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

C


cagreen833

  • Member
  • Posts: 544
Reply 2 on: Jul 1, 2018
Excellent

Jsherida

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Low (or No) Natural Growth Low (or No) Natural Growth
France has produced most of its energy from nuclear power since the oil crisis of the 1970s France has produced most of its energy from nuclear power since the oil crisis of the 1970s
The male physique depicted in popular action figures in the 1970s The male physique depicted in popular action figures in the 1970s
US federal budget deficit/surplus and debt US federal budget deficit/surplus and debt
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Video: Carbohydrate digestion (brush border enzymes, end products) & Carb absorption (fructose, galactose)

For a complete list of videos, visit our video library