ECON 304 MICROECONOMICS QUIZ 5 WITH
EXPLAINED ANSWERS 100% CORRECT
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1. Roadway congestion
The following graph shows the supply of space on a commuter freeway
and the demand for freeway space during rush hour and during off-peak
hours.
If there is no toll on the freeway at any time, then there will be selector
1 neither a
shortage (excess demand) nor a surplus (excess supply)
of freeway space during off-peak hours and selector 2 a shortage
(excess demand)
of freeway space during rush hour.
,ECON 304 MICROECONOMICS QUIZ 5 WITH
EXPLAINED ANSWERS 100% CORRECT
DOWNLOAD TO SCORE A
Points:
0.
Close Explanation
Explanation:
During off-peak hours, the demand for freeway space is equal to the supply of freeway space
at a price of $0. Therefore, if there is no toll on the freeway, there will not be a shortage
(excess demand) during off-peak hours. However, demand for freeway space is higher during
rush hour than during off-peak hours. Therefore, at a price of $0, the demand for freeway
space exceeds the supply, so there will be a shortage (excess demand) of freeway space
during rush hour.
, ECON 304 MICROECONOMICS QUIZ 5 WITH
EXPLAINED ANSWERS 100% CORRECT
DOWNLOAD TO SCORE A
Now assume there is a toll on the freeway. Which of the following toll
prices will ensure that there is not a shortage (excess demand) of
freeway space during rush hour? Check all that
apply.
$0
$3
$2
$1
Points:
1/1
Close Explanation
Explanation:
If the freeway toll is set at $3, then the rush-hour quantity demanded for
freeway space will exactly equal the quantity supplied of freeway space,
and there will not be a shortage (excess demand) of freeway space.
1. Roadway congestion
The following graph shows the supply of space on a commuter bridge
and the demand for bridge space during rush hour and during off-peak
hours.
Points:
1/1
Close Explanation
Explanation:
During off-peak hours, the demand for bridge space is equal to the supply of bridge space at a
price of $0. Therefore, if there is no toll to cross the bridge, there will not be a shortage
(excess demand) during off-peak hours. However, demand for bridge space is higher during
rush hour than during off-peak hours. Therefore, at a price of $0, the demand for bridge space
exceeds the supply, so there will be a shortage (excess demand) of bridge space during rush
hour.
, ECON 304 MICROECONOMICS QUIZ 5 WITH
EXPLAINED ANSWERS 100% CORRECT
DOWNLOAD TO SCORE A
Now assume there is a toll to cross the bridge. Which of the following
toll prices will ensure that there is not a shortage (excess demand) of
bridge space during rush hour? Check all that
apply.
$1
$3
$0
$2
Points:
1/1
Close Explanation
Explanation:
If the bridge toll is set at $3, then the rush-hour quantity demanded
for bridge space will exactly equal the quantity supplied of bridge
space, and there will not be a shortage (excess demand) of bridge
space.
1. Roadway congestion
The following graph shows the supply of space on a commuter highway
and the demand for highway space during rush hour and during off-peak
hours.
EXPLAINED ANSWERS 100% CORRECT
DOWNLOAD TO SCORE A
1. Roadway congestion
The following graph shows the supply of space on a commuter freeway
and the demand for freeway space during rush hour and during off-peak
hours.
If there is no toll on the freeway at any time, then there will be selector
1 neither a
shortage (excess demand) nor a surplus (excess supply)
of freeway space during off-peak hours and selector 2 a shortage
(excess demand)
of freeway space during rush hour.
,ECON 304 MICROECONOMICS QUIZ 5 WITH
EXPLAINED ANSWERS 100% CORRECT
DOWNLOAD TO SCORE A
Points:
0.
Close Explanation
Explanation:
During off-peak hours, the demand for freeway space is equal to the supply of freeway space
at a price of $0. Therefore, if there is no toll on the freeway, there will not be a shortage
(excess demand) during off-peak hours. However, demand for freeway space is higher during
rush hour than during off-peak hours. Therefore, at a price of $0, the demand for freeway
space exceeds the supply, so there will be a shortage (excess demand) of freeway space
during rush hour.
, ECON 304 MICROECONOMICS QUIZ 5 WITH
EXPLAINED ANSWERS 100% CORRECT
DOWNLOAD TO SCORE A
Now assume there is a toll on the freeway. Which of the following toll
prices will ensure that there is not a shortage (excess demand) of
freeway space during rush hour? Check all that
apply.
$0
$3
$2
$1
Points:
1/1
Close Explanation
Explanation:
If the freeway toll is set at $3, then the rush-hour quantity demanded for
freeway space will exactly equal the quantity supplied of freeway space,
and there will not be a shortage (excess demand) of freeway space.
1. Roadway congestion
The following graph shows the supply of space on a commuter bridge
and the demand for bridge space during rush hour and during off-peak
hours.
Points:
1/1
Close Explanation
Explanation:
During off-peak hours, the demand for bridge space is equal to the supply of bridge space at a
price of $0. Therefore, if there is no toll to cross the bridge, there will not be a shortage
(excess demand) during off-peak hours. However, demand for bridge space is higher during
rush hour than during off-peak hours. Therefore, at a price of $0, the demand for bridge space
exceeds the supply, so there will be a shortage (excess demand) of bridge space during rush
hour.
, ECON 304 MICROECONOMICS QUIZ 5 WITH
EXPLAINED ANSWERS 100% CORRECT
DOWNLOAD TO SCORE A
Now assume there is a toll to cross the bridge. Which of the following
toll prices will ensure that there is not a shortage (excess demand) of
bridge space during rush hour? Check all that
apply.
$1
$3
$0
$2
Points:
1/1
Close Explanation
Explanation:
If the bridge toll is set at $3, then the rush-hour quantity demanded
for bridge space will exactly equal the quantity supplied of bridge
space, and there will not be a shortage (excess demand) of bridge
space.
1. Roadway congestion
The following graph shows the supply of space on a commuter highway
and the demand for highway space during rush hour and during off-peak
hours.
