The minimum wage is an example of

At Nick’s Bakery, the cost to make homemade chocolate cake is $4 per cake. As a result of selling a cake, Nick gets $10 of producer surplus. How much is Nick selling cakes for?

Consider the gasoline market. If the price of crude oil, an input in the production of gasoline, falls, what effect will this have on consumer surplus in the gasoline market? (Hint: Draw the demand and supply curves, identify CS and PS, shift the appropriate curve, and then see which answer is correct).

Total surplus is the area under the demand curve and above the supply curve.

A flat rectangular loop of wire is placed between the poles of a magnet. It has dimensions w = 0.60 m and L = 1.0 m, and carries a current I = 2.0 A. The magnetic field due to the magnet is uniform and of magnitude 0.80 T. The loop rotates in the magnetic field and at one point the plane of the loop makes a 30° angle with the field. At that instant, what is the magnitude of the torque acting on the wire due to the magnetic field?

A tax on buyers would have the exact same impact on a market as if you placed the tax on sellers.

Consider the following picture of a demand curve. How much does consumer surplus change by when the price rises from P1 to P2? 

When government imposes price ceilings and floors in markets,

Willingness to pay is the minimum amount a buyer will pay for a good, and it measures how much the buyer values the good.

Suppose that supply is more elastic than demand. Which of the following can you conclude?