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Author Question: A socially optimal price: A) maximizes consumer surplus and minimizes producer surplus. B) ... (Read 284 times)

Yi-Chen

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on: Jun 29, 2018
A socially optimal price:
 
  A) maximizes consumer surplus and minimizes producer surplus.
  B) maximizes producer surplus and minimizes consumer surplus.
  C) maximizes total surplus.
  D) maximizes deadweight loss.

Question 2

Which of the following statements differentiates between a shortage and a surplus?
 
  A) A shortage occurs when price is held at the equilibrium price, but a surplus occurs when price is held above the equilibrium price.
  B) A shortage occurs when price is held below the equilibrium price, but a surplus occurs when price is held at the equilibrium price.
  C) A shortage occurs when quantity supplied exceeds quantity demanded, whereas a surplus occurs when quantity demanded exceeds quantity supplied.
  D) A shortage occurs when quantity demanded exceeds quantity supplied, whereas a surplus occurs when quantity supplied exceeds quantity demanded.


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k.lashomb

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


Yi-Chen

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Reply 2 on: Jun 29, 2018
Wow, this really help

kthug

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

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