Chat with us, powered by LiveChat Question: 1. Recall that total revenue is price times quantity (or P x Q). Which of the following will clea… | Writedemy

Question: 1. Recall that total revenue is price times quantity (or P x Q). Which of the following will clea…

30 Apr Question: 1. Recall that total revenue is price times quantity (or P x Q). Which of the following will clea…

Posted at 19:55h in 2Past Paper by
1. Recall that total revenue is price times quantity (or P x Q). Which of the following will clearly cause a decrease in the total revenue for the entire market?
A. Buyers’ income decreases and sellers expect the price to decrease
B. Buyers’ income increases
C. Tastes and preferences for the product decline
D. The implementation of an effective price floor on the market
E. None of the above
2. If a market is initially in equilibrium, what is the effect of a price ceiling set below the equilibrium price?
A. A shortage for a good or service
B. A surplus for a good or service
C. An increase in the amount of a good or service bought and sold
D. A shift of the demand curve to the right
E. No effect
3. If a market is initially in equilibrium, what is the effect of a price ceiling set above the equilibrium price?
A. A shortage for a good or service
B. A surplus for a good or service
C. An increase in the amount of a good or service bought and sold
D. A shift of the demand curve to the right
E. No effect
4. If a market is initially in equilibrium, what is the effect of a price floor set below the equilibrium price?
A. A shortage for a good or service
B. A surplus for a good or service
C. An increase in the amount of a good or service bought and sold
D. A shift of the demand curve to the left
E. No effect
5. If a market is initially in equilibrium, what is the effect of a price floor set above the equilibrium price?
A. A shortage for a good or service
B. A surplus for a good or service
C. An increase in the amount of a good or service bought and sold
D. A shift of the demand curve to the right
E. No effect

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