Liberty University ECON 213 Quiz 4 Complete Solutions Correct Answers Key

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Liberty University ECON 213Quiz 4Complete Solutions Correct Answers KeyQuestion 1 Why does a shortage that occurs under a binding price ceiling decrease over time?Question 2 ____________ is a reallife example of a price floor.Question 3 You are the president of the United States. In an attempt to make gasoline pricescheaper, you have imposed a binding price ceiling on gas. What would you expect your critics tosay?Question 4 Use the following information to answer the questions that follow. Market for usedcars: Demand: Qd = 154,000–86 P Supply: Qs =–100 + 14 P What would be the quantitydemanded if a price ceiling is set at $2,000?Question 5 What is the incentive to create a black market when a binding price ceiling exists?Question 6 Suppose you live in a community with no price controls. What do you expect tohappen if your town borders a community where there is a binding price floor on most products?Question 7 Use the following information to answer the questions that follow. Market for usedcars: Demand: Qd = 154,000–86 P Supply: Qs =–100 + 14 P What would be the quantitydemanded if a price ceiling is set at $1,000?Question 8 A reallife example of a binding price ceiling is:Question 9 Apartment rent control in New York City is an example of:Question 10 What will happen in a market where a binding price floor is removed?Question 11 Use the following information to answer the questions that follow. Market for flat-screen TVs: Demand: Qd = 2,600–5 P Supply: Qs =–1,000 + 10 P What would be the quantitydemanded if a price ceiling is set at $150?Question 12 Refer to the accompanying figure. At the price of the binding price floor, by howmuch would the quantity supplied change from the market equilibrium?Question 13 What is a black market?Question 14 You would expect there to be many customers for a black market good when theopportunity cost of finding the good under a:Question 15 Tina, an economics student, was just named Miss Florida, based in part on her

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