02 May Question: Please assist with the following questions, 1. Which of the following statements best describes c…
Please assist with the following questions,
1. Which of the following statements best describes consumer surplus in the supply and demand model?
Use letters in alphabetical order to select options
A
Consumer surplus is the area in the supply and demand model that is below the market price and above the demand curve.
B
Consumer surplus is the area in the supply and demand model that is above the market price and above the demand curve.
C
Consumer surplus is the area in the supply and demand model that is below the market price and below the demand curve.
D
Consumer surplus is the area in the supply and demand model that is above the market price and below the demand curve.
2. Which of the following statements best describes the relationship between price and quantity demanded for a given good or service?
Use letters in alphabetical order to select options
A
A rise in price of a good or service almost always decreases the quantity demanded of that good or service.
B
A rise in price of a good or service always decreases the quantity demanded of that good or service.
C
A rise in price of a good or service almost always increases the quantity demanded of that good or service.
D
A rise in price of a good or service always increases the quantity demanded of that good or service.
3. Which one of the following statements best describes a price ceiling?
Use letters in alphabetical order to select options
A
A price ceiling causes supply to change.
B
A price ceiling keeps a price from falling below a certain level.
C
A price ceiling causes demand to change.
D
A price ceiling keeps a price from rising above a certain level.
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