Exam 22: Extension B: Review

-The figure above shows the demand for and supply of rental housing in Steppeville. If a rent ceiling is set at $900, the quantity of apartment units rented is ________ , and the efficient quantity of apartment units to rent is ________.

If OPEC cuts oil production to increase their total revenue, we know that the

-The figure above shows the demand for and supply of rental housing in Steppeville. A rent ceiling is set at $700. Rental housing is a normal good and people's incomes increase. As a result, the,

-The figure above shows the demand for and supply of rental housing in Steppeville. If a rent ceiling is set at $700, the quantity of apartment units rented is ________, and the efficient quantity of apartment units to rent is ________.

-The figure above shows the market for digital cameras. If there are technological advances in making digital cameras, the efficient quantity of digital cameras will be ________ thousand cameras and the equilibrium quantity will be ________ thousand cameras.

-The figure above shows the market for digital cameras. If a tax on digital cameras of $30 per camera is imposed, and at the same time new technology lowers the marginal cost of producing a digital camera by $30 at each level of output, the marginal cost of the last camera produced is ________ and the marginal benefit that consumers receive from it is ________.

-If OPEC cuts oil production to increase their total revenue, we know that

-The figure above shows the market for digital cameras. If consumers' incomes rise and a digital camera is a normal good, the efficient quantity of digital cameras to produce will be ________ thousand cameras and the marginal cost of a digital camera will be ________.

-The figure above shows the market for digital cameras. If a tax on digital cameras of $30 per camera is imposed, consumer surplus will

-The figure above shows the market for digital cameras. The price of film cameras falls. In the new equilibrium, the price of a digital camera will be ________ and the marginal benefit from the last digital camera purchased will be ________.

-The figure above shows the market for digital cameras. If new technology lowers the cost of producing digital cameras, the efficient quantity of digital cameras will be ________ and compared to the original equilibrium, the consumer surplus will ________.

-The figure above shows the market for digital cameras. If a tax on digital cameras of $30 per camera is imposed on sellers of digital cameras, buyers will pay a ________ fraction of the tax than sellers will pay because the demand is ________ elastic than the supply is.

-Gadgets, Inc. can increase its total revenue by raising the price of its product. From this result we can conclude that the

-The figure above shows the demand for and supply of rental housing in Steppeville. A rent ceiling is set at $700. The rent ceiling creates a ________ and there ________ a deadweight loss.

-The figure above shows the market for digital cameras. If consumers' income rise and a digital camera is a normal good, the efficient quantity of digital cameras will be ________ thousand cameras and the equilibrium quantity will be ________ thousand cameras.

-The figure above shows the market for digital cameras. If a tax on digital cameras of $30 per camera is imposed, and at the same time new technology lowers the marginal cost of producing a digital camera by $30 at each level of output, the equilibrium quantity of digital cameras is ________ thousand cameras and the efficient quantity of digital cameras to produce is ________ thousand cameras.

-Widgets, Inc. can increase its total revenue by lowering the price of its product. From this result we can conclude that the

If OPEC cuts oil production to increase their total revenue, we know that the

-The figure above shows the demand for and supply of rental housing in Steppeville. If a rent ceiling is set at $900, the marginal benefit from renting an apartment unit is ________ and the quantity of apartments supplied is ________.

-The figure above shows the market for digital cameras. If the price of film cameras falls, the efficient quantity of digital cameras will be ________ thousand cameras and the marginal cost of a digital camera will be ________.