If price were $12, there would be _____ (shortage or surplus) of about _____.

If a seller charges a buyer the exact price the buyer is willing to pay, then the buyer would

A) not buy the good. B) receive the maximum consumer surplus. C) receive no benefit from the good. D) receive no consumer surplus from that unit of the good. E) suffer a deadweight loss from buying the good.

To answer the next question, use the following graph showing the domestic demand and supply curves for a specific standardized product in a particular nation.If the world price for this product is $0.50, this nation will experience a domestic

A. shortage of 160 units, which it will meet with 160 units of imports. B. surplus of 160 units, which it will export. C. shortage of 160 units, which will increase the domestic price to $1.60. D. surplus of 160 units, which will reduce the world price to $1.00.