Use the following graph of the college football labor market for the next 6 questions. COLLEGE FOOTBALL LABOR W $300 240

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Use The Following Graph Of The College Football Labor Market For The Next 6 Questions College Football Labor W 300 240 1 (30.37 KiB) Viewed 10 times

1. What is the wage in the college football market at thecompetitive equilibrium?
2. What is producer surplus at the competitive equilibrium?
3. Assume the NCAA implements a price ceiling of $90 andthere is no quality waste. This will result in a _______ of_______ college football players,
A. shortage; 700
B. surplus; 1050
C. surplus; 700
D. shortage; 1050
4. Assume the NCAA implements a price ceiling of$90 and there is no quality waste. What is consumersurplus with a price ceiling of $90?
5. Assume the NCAA implements a price ceiling of$90 and there is no quality waste. What isdeadweight loss with a price ceiling of $90?
6. Assume the NCAA implements a price ceiling of$90 and there is now quality waste. What is the amountof quality waste with a price ceiling of $90?
Use the following graph of the college football labor market for the next 6 questions. COLLEGE FOOTBALL LABOR W $300 240- 180- 150- 120- 90- 60- 30- 700 1400 2100 2450 2800 D 3500 S 4900 Q