Producer in food chain

October 30, 2015Macroeconomics/MicroeconomicsMachine-graded Assessment ItemsModule: Government ActionMachine-graded assessment question pools are provided for your reference and are organized by learning outcome.It is your responsibility to handle this material securelyand appropriately, with proper security to prevent the quiz questions and answers from being widely available and searchable via the Internet.Send any comments or feedback to support@lumenlearning.com.4.0.0.0 Evaluate the consequences of government policies in markets.Short Title: Government Action4.1.0.0 Analyze the consequences of the government setting a binding price ceilingShort Title: Price Ceilings4.1.0.1 Price ceilings typically result in ________.shortages*excess supplyprice equilibrium// Content page -Reading: Price Ceilings 4.1.0.2 Price ceilings attempt to make consumer prices ________. lower*higherat equilibrium// Content page -Reading: Price Ceilings 4.1.0.3 Refer to the figure below. If the government set a price ceiling of $8, there would be a:(img https://s3-us-west-2.amazonaws.com/oerfiles/Assessments/economics/price-floor.png)shortage of 4 units*
October 30, 2015excess supply of 4 unitsshortage of 8 units// Contentpage -Reading: Price Ceilings// Updated 10/22/2015 answer choice edited4.1.0.4 Refer to the figure below. If the government set a price ceiling of $6,(img https://s3-us-west-2.amazonaws.com/oerfiles/Assessments/economics/price-floor.png) consumers would demand 14 units.*there would be a shortage of 14 units.there would be an excess supply of6 units.// Content page -Reading: Price Ceilings// Updated 10/22/2015 answer choice edited 4.1.0.5 Refer to the figure below. If the government set a price ceiling at $10, there would be a(n):(img https://s3-us-west-2.amazonaws.com/oerfiles/Assessments/economics/price-ceiling.png)shortage of 24 units.*excess supply of 32 units.excess supply of 80 units.// Content page -Reading: Price Ceilings// Updated 10/22/2015 answer choices edited 4.1.a.0 Identify the market’sequilibrium price and quantity under a price ceilingShort Title: Equilibrium Under Price Ceilings