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Efforts To Prevent Climate Change Assignment Paper Question 1 An effective price ceiling will cause the: A. selling price to remain below its equilibrium level. B. selling price to remain above its equilibrium level. C. equilibrium price to increase. D. equilibrium price to decrease.   QUESTION 2 Which of the following is a public good? A car wash A ferry boat Efforts to prevent climate change Physical therapy for surgery patients   QUESTION 3 What is the rationale for providing public funds for education? A. Education fits the definition of being a public good. B. There is an external benefit from education. C. Education can be provided at a lower average cost if it is provided on a large scale for everyone. D. People don’t recognize the value of education until after they have acquired it.   QUESTION 4 Jennifer buys a piece of costume jewelry for $33, for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $30. Jennifer experiences A. a consumer surplus of $12, and Nathan experiences a producer surplus of $3. B. a producer surplus of $9, and Nathan experiences a consumer surplus of $3. C. a consumer surplus of $9, and Nathan experiences a producer surplus of $3. D. a producer surplus of $9, and Nathan experiences a producer surplus of $12. Expert Answer ORDER YOUR PAPER NOW This solution was written by a subject matter expert. It's designed to help students like you learn core concepts. Step-by-step 1st step All steps Answer only Step 1/4 An effective price ceiling will cause the: A. selling price to remain below its equilibrium level. Explanation: A price ceiling is a government-imposed limit on how high a price can be charged for a product or service. An effective price ceiling is one that is set below the equilibrium price, which is the price at which supply and demand are equal. If the price ceiling is below the equilibrium price, sellers will not be able to charge the market price, resulting in excess demand or a shortage of the product or service. Explanation for step 1 If the price ceiling is below the equilibrium price, sellers will not be able to charge the market price, resulting in excess demand or a shortage of the product or service. Step 2/4 2. Which of the following is a public good? Efforts to prevent climate change Explanation: A public good is a good or service that is non-excludable and non-rivalrous. Non-excludable means that it is impossible to prevent anyone from using the good or service, while non-rivalrous means that one person's use of the good or service does not diminish its availability to others. Efforts To Prevent Climate Change Assignment Paper Explanation for step 2 Efforts to prevent climate change are an example of a public good because they are available to everyone and their benefits are shared by all, regardless of whether or not they contribute to those efforts. Step 3/4 3. What is the rationale for providing public funds for education? B. There is an external benefit from education. Explanation: Education provides an external benefit, which means that the benefits of education extend beyond the individual who receives the education. For example, an educated workforce can lead to increased productivity and economic growth, which benefits society as a whole. Explanation for step 3 By providing public funds for education, governments can ensure that everyone has access to education and that the external benefits of education are realized. Step 4/4 4. Jennifer buys a piece of costume jewelry for $33, for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $30. Jennifer experiences C. a consumer surplus of $9, and Nathan experiences a producer surplus of $3. Explanation: Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay. In this case, Jennifer was willing to pay $42 but only had to pay $33, so she experiences a consumer surplus of $9. Producer surplus is the difference between the minimum price a seller is willing to accept for a good or service and the actual price they receive. In this case, Nathan was willing to accept $30 but was able to sell the jewelry for $33, so he experiences a producer surplus of $3. Efforts To Prevent Climate Change Assignment Paper Final answer Hence the finally, 1. A. selling price to remain below its equilibrium level. 2. Efforts to prevent climate change 3. B. There is an external benefit from education. 4. C. a consumer surplus of $9, and Nathan experiences a producer surplus of $3. Efforts To Prevent Climate Change Assignment Paper
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Expert Answer

Efforts To Prevent Climate Change Assignment Paper
Question 1 An effective price ceiling will cause the:
A. selling price to remain below its equilibrium level.
B. selling price to remain above its equilibrium level.
C. equilibrium price to increase.
D. equilibrium price to decrease.
  QUESTION 2 Which of the following is a public good?
A car wash
A ferry boat
Efforts to prevent climate change
Physical therapy for surgery patients
  QUESTION 3 What is the rationale for providing public funds for education?
A. Education fits the definition of being a public good.
B. There is an external benefit from education.
C. Education can be provided at a lower average cost if it is provided on a large scale for everyone.
D. People don’t recognize the value of education until after they have acquired it.
  QUESTION 4 Jennifer buys a piece of costume jewelry for $33, for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $30. Jennifer experiences
A. a consumer surplus of $12, and Nathan experiences a producer surplus of $3.
B. a producer surplus of $9, and Nathan experiences a consumer surplus of $3.
C. a consumer surplus of $9, and Nathan experiences a producer surplus of $3.
D. a producer surplus of $9, and Nathan experiences a producer surplus of $12.

Expert Answer

This solution was written by a subject matter expert. It's designed to help students like you learn core concepts.

Step-by-step

Step 1/4
  1. An effective price ceiling will cause the:
A. selling price to remain below its equilibrium level.
Explanation: A price ceiling is a government-imposed limit on how high a price can be charged for a product or service. An effective price ceiling is one that is set below the equilibrium price, which is the price at which supply and demand are equal. If the price ceiling is below the equilibrium price, sellers will not be able to charge the market price, resulting in excess demand or a shortage of the product or service.
  • Explanation for step 1
If the price ceiling is below the equilibrium price, sellers will not be able to charge the market price, resulting in excess demand or a shortage of the product or service.
Step 2/4
2. Which of the following is a public good?
Efforts to prevent climate change
Explanation: A public good is a good or service that is non-excludable and non-rivalrous. Non-excludable means that it is impossible to prevent anyone from using the good or service, while non-rivalrous means that one person's use of the good or service does not diminish its availability to others. Efforts To Prevent Climate Change Assignment Paper
  • Explanation for step 2
Efforts to prevent climate change are an example of a public good because they are available to everyone and their benefits are shared by all, regardless of whether or not they contribute to those efforts.
Step 3/4
3. What is the rationale for providing public funds for education?
B. There is an external benefit from education.
Explanation: Education provides an external benefit, which means that the benefits of education extend beyond the individual who receives the education. For example, an educated workforce can lead to increased productivity and economic growth, which benefits society as a whole.
  • Explanation for step 3
By providing public funds for education, governments can ensure that everyone has access to education and that the external benefits of education are realized.
Step 4/4
4. Jennifer buys a piece of costume jewelry for $33, for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $30. Jennifer experiences
C. a consumer surplus of $9, and Nathan experiences a producer surplus of $3.
Explanation: Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay. In this case, Jennifer was willing to pay $42 but only had to pay $33, so she experiences a consumer surplus of $9.
Producer surplus is the difference between the minimum price a seller is willing to accept for a good or service and the actual price they receive. In this case, Nathan was willing to accept $30 but was able to sell the jewelry for $33, so he experiences a producer surplus of $3. Efforts To Prevent Climate Change Assignment Paper
Final answer
Hence the finally,
1.
A. selling price to remain below its equilibrium level.
2. Efforts to prevent climate change
3.
B. There is an external benefit from education.
4.
C. a consumer surplus of $9, and Nathan experiences a producer surplus of $3.
Efforts To Prevent Climate Change Assignment Paper

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