Kristi and Rebecca sell lemonade on the corner for $0.50 per cup. It costs them $0.10 to make each cup. On a certain day, their producer surplus is $20 . How many cups did Kristi and Rebecca sell?

Governments usually provide national defense from tax funds because

A) everyone wants national defense. B) national defense benefits everyone. C) more security is better than less. D) it is hard to supply national defense exclusively to the people who willingly pay for it.

If the equilibrium price for some product is $1000, a price ceiling of $1200 will result in

A) massive surpluses of the good. B) the same general effects as a price floor of $1200. C) the same general effects as an administered price of $1200. D) the same general effects as a price ceiling of $600. E) no effects because the price ceiling is not binding at that price.