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{"ops":[{"insert":"In a perfectly competitive market, the market demand curve is\u00a0, and the market supply curve is\u00a0.\n(a)\u00a0\u00a0\u00a0What is the equilibrium price and quantity in the absence of government intervention?\u00a0"},{"attributes":{"bold":true},"insert":"(2 marks) (max 200 words)"},{"insert":"\n(b)\u00a0\u00a0\u00a0Consider two possible government interventions: (1) A price ceiling of $1 per unit; (2) a subsidy of $5 per unit paid to producers. What are the prices in each of these interventions\u00a0"},{"attributes":{"bold":true},"insert":"(2 marks) (max 200 words)"},{"insert":"? What are the quantities supplied and demanded under each government intervention?\u00a0"},{"attributes":{"bold":true},"insert":"(2 marks) (max 200 words)"},{"insert":"\n(c)\u00a0\u00a0\u00a0\u00a0How will consumer surplus differ in these different government interventions?\u00a0"},{"attributes":{"bold":true},"insert":"(2 marks) (max 200 words)"},{"insert":"\n(d)\u00a0\u00a0\u00a0For which form of intervention will we expect the product to be purchased by consumers with the highest willingness to pay?\u00a0"},{"attributes":{"bold":true},"insert":"(2 marks) (max 200 words)"},{"insert":"\n(e)\u00a0\u00a0\u00a0What is deadweight loss. Explain"},{"attributes":{"bold":true},"insert":"\u00a0(1 mark) (max 50 words)"},{"insert":"\n(f)\u00a0\u00a0\u00a0\u00a0Which government intervention results in the lower deadweight loss and why\u00a0"},{"attributes":{"bold":true},"insert":"(2 marks) (max 200 words)"},{"insert":"?Explain with diagram"},{"attributes":{"bold":true},"insert":"\u00a0(2 marks) (max 200 words)"},{"insert":"\n"}]}

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