Question 1 (0.5 points) ◄) Listen Out of the following three statements, list which is true. i. If a price ceiling is set above the equilibrium price, there is no effect. ii. If a price ceiling is set below the equilibrium price, the result is a surplus. iii. If a price floor is set above the equilibrium price, there is no effect. OA) only ii B) ii and iii C) i and ii D) only iii E) only i Question 3 (0.5 points) Listen Suppose that the equilibrium price of a pound of cheese is $4. If the government imposes a price floor of $5 per pound of cheese, the A) quantity supplied of cheese exceeds the quantity demanded. B) price of cheese remains $4 per pound. C) quantity supplied of cheese falls short of the quantity demanded. D) supply increases. E) demand decreases. Question 4 (0.5 points) Listen Which of the following results in a movement downward along the supply curve for movies in theatres? OA) a decrease in the price of downloaded movies B) an increase in the number of theaters C) an increase in the price of movie tickets OD) a decrease in movie star salaries
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