Question : 41) The above figure shows the market for 2 bedroom : 1226550

 

 

 

41) The above figure shows the market for 2 bedroom town homes in San Diego. If a rent ceiling is set at $1,000 per month then there is a

A) surplus equal to 150,000 town homes.

B) shortage equal to 100,000 town homes.

C) surplus equal to 100,000 town homes.

D) shortage equal to 150,000 town homes.

E) shortage equal to 250,000 town homes.

42) The above figure shows the market for 2 bedroom town homes in San Diego. If a rent ceiling is set at $1,000 per month, what is true?

A) The quantity of town homes demanded decreases to 100,000.

B) Black market rents might be as high as $1,300 per month.

C) The quantity of town homes supplied increases to 250,000.

D) More town homes are rented after the rent ceiling that before.

E) The quantity demanded of town homes is less than the quantity supplied.

 

43) The above figure shows the market for 2 bedroom town homes in San Diego. If a rent ceiling is set at $1,000 per month, what is the maximum rent someone is willing to pay in the black market?

A) $1,300 per month

B) $1,000 per month

C) $900 per month

D) $1,100 per month

E) $1,400 per month

 

44) The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. As a result, there is a

A) shortage equal to 150,000 jackets.

B) surplus equal to 150,000 jackets.

C) surplus equal to 300,000 jackets.

D) shortage equal to 250,000 jackets.

E) shortage equal to 100,000 jackets.

 

45) The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. Which of the following statements is true?

A) After taking account of the resources lost in search, consumer surplus increases when the price ceiling is in place.

B) There will be a surplus of jackets.

C) Because the price of a jacket is lowered, consumers end up buying more jackets with the price ceiling than without it.

D) Producer surplus decreases if there is a price ceiling.

E) The quantity supplied of jackets is greater that quantity demanded when there is a price ceiling.

46) The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. What would be the maximum price someone would pay in the black market?

A) $100 per jacket

B) $120 per jacket

C) $130 per jacket

D) $90 per jacket

E) $140 per jacket

 

47) The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. When the price ceiling is in place and taking account of the resources lost in search, consumer surplus ________ and producer surplus ________ compared to the equilibrium before the price ceiling was imposed.

A) decreases; increases

B) decreases; decreases

C) increases; increases

D) increases; decreases

E) does not change; increases

 

48) The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, after taking account of the resources lost in search, what area is equal to the consumer surplus?

A) area A

B) area B

C) area C

D) area D

E) area E

 

49) The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the producer surplus?

A) area A

B) area B

C) area C

D) area D

E) area E

50) The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the deadweight loss?

A) area A

B) area B

C) area C

D) area D

E) area E

 

51) The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the resources lost due to search?

A) area A

B) area B

C) area C

D) area D

E) area E