Econ 2302 - Videos for Market Equilibrium and Policy 9

How large was the tax applied on each bottle of wine?

$4

What was the initial equilibrium price in the market in this video's example?

$5 per pound

In this example, who suffered more as a result of the tax: consumers or producers?

Consumers and producers suffered the same; consumers paid $2 more while producers received $2 less.

What was the equilibrium price in the market for sunglasses?

$80 per pair

According to the video, what happens to quantity traded and price when both the demand and supply of strawberries increase at the same time and by the same amount?

Quantity traded increases and price remains unchanged.

According to the video, what happens when rent control is imposed on a market?

Some apartment owners will sell their property or convert it for other uses.

Which of the following scenarios was used as an example of a surplus?

seats at a baseball stadium

Which of the following products was discussed in the video?

strawberries

What was used an example of a price floor?

the federal minimum wage