ECO 365T Wk 2 - Practice Knowledge Check

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ECO 365T Wk 2 - Practice Knowledge Check

If government set a minimum price of $50 in the market, a

2. When there is overproduction of a good,

3. Consumer surplus

4. If the market price of a product increases, then the total

Which of the diagrams illustrate(s) the effect of a decrease in incomes on the market for second-hand clothing?

6. A fall in the price of milk, used in the production of ice cream, will

.

Refer to the provided supply and demand graph of Product X. If there are positive externalities from the consumption of Product X, then the socially optimal demand curve would be

8. If there was initially a shortage in the market for a product, then

1. What would best explain why the equilibrium price of pink salmon decreased and the equilibrium quantity increased?

1. Which of the following conditions does not need to occur for a market to achieve allocative efficiency?

Refer to the table. In relation to column (3), a change from column (1) to column (2) would mostly likely be caused by