Refer to Figure 5-3. In the absence of any government ...

[dakota nelson]

Refer to Figure 5-3. In the absence of any government intervention, the private market
 
  A) underproduces by Qo - Qm units. B) underproduces by Qn - Qm units.
  C) overproduces by Qn - Qm units. D) overproduces by Qo - Qm units.

Question 2

Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is 27 dollars, total consumer surplus will be
 
  A) 0. B) 14. C) 26. D) 53.

[ms_sulzle]

Answer to Question 1

B

Answer to Question 2

C