John's utility of wealth curve is shown in the above figure. He currently has total wealth of $20,000. If there is a 50 percent chance that his $10,000 car will be stolen, then his expected wealth equals

Producer surplus is the difference between the lowest price a firm is willing to accept for a product and the price it actually receives for the product

Indicate whether the statement is true or false

Price floors are designed to

A) establish a minimum allowable price. B) allow free market prices to be achieved. C) create shortages where none existed before. D) none of the above.