: Your answers are saved automatically. Question Completion Status: QUESTION 1 SOCIETY may decide to transfer money from the rich to the poor in order to attain a more equitable distribution of income. Is there a trade-off involved? Explain. TTT Arial 3 (12pt) T Words:0 Path: P QUESTION 2 Sa Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Use the table below to answer the following questions (assuming the market for the good in question is perfectly competitive). Price Quantity demanded on the market Quantity supplied on the market $30 30 17 $35 24 24 $40 18 31 $45 12 38 (a) Calculate the equilibrium price and equilibrium quantity. (b) Imagine the government introduces a price FLOOR of $30 per unit of the good. Is the price floor binding/effective? If yes, would there be a surplus or shortage of the good on the market? HOW BIG [I expect a number here? (c) Imagine the government introduces a price CEILING of $45 per unit of the good. Is the price floor binding/effective? If yes, would there be a surplus or shortage of the good on the market? HOW BIG? [1 expect a number here) TTT Arial 3 (12pt) T.EE

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