7. Slave redemption failed in the Republic of the Sudan. Even so, the redeemers' actions did provide some benefits. Thes

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7 Slave Redemption Failed In The Republic Of The Sudan Even So The Redeemers Actions Did Provide Some Benefits Thes 1 (139.82 KiB) Viewed 79 times

7. Slave redemption failed in the Republic of the Sudan. Even so, the redeemers' actions did provide some benefits. These included (a) A reduction in the number of slaving raids on villages in the south of the country. (b) A reduction in the quantity supplied of people being newly sold into slavery. (c) A lower market price for new slaves. (d) A reduction in the demand for new slaves. (e) None of the above. 8. After a disaster such as a forest fire it is common for the local market price of lumber to rise sharply. Some call this phenomenon "price-gouging". If this large price increase is not regulated with a price ceiling, then (a) There will be a deadweight loss. (b) There will be a loss of Consumers' Surplus. (c) There might be, but does not have to be, a loss of Producers' Surplus. (d) Both (b) and (c). (e) All of (a), (b) and (c). 9. Suppose that a market for an essential becomes subject to a severe price ceiling. This ceiling (a) Increases the quantity traded of the essential by stimulating the quantity demanded. (b) Decreases the supply of the essential. (c) Creates opportunities for black market trading of the essential. (d) Increases the quantity supplied of the essential. (e) Both (a) and (d). 10. Look at Figure 1. This figure depicts an equilibrium in a competitive market (with no excise tax). What are the values of the Deadweight Loss, the Total Surplus, and the Producers' Surplus generated by this market?