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2 points 13


2 points 13. Which of the following is TRUE about the effect of a government-imposed price floor when the price floor being set is above the market equilibrium price? * Consumer surplus will increase. O All firms will gain. O There will be a product shortage. O Consumer surplus will decrease.
2 points 15. Information about a firm's production costs at a particular output level are given below: Total variable costs $ 7200 Average fixed costs $ 20 Average total costs $ 100 What is the firm's output? * O 60 units. 72 units. 90 units. It cannot be computed based on the information provided.

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