32. The supply curve in the graph above is A) perfectly elastic B) relatively el

Question

32. The supply curve in the graph above is A) perfectly elastic B) relatively elastic C) perfectly inelastic D) relatively elastic Use the following to answer question 33: 24 18 16 12 -- Quantity of Loanable Funds (in billions of dollars) The horizontal dotted line is A) a price ceiling. B) a price floor. C) the price at which quantity supplied equals quantity demanded. D) represents the equilibrium price for this graph. 33· 34. Charles Murray believed that the antipoverty programs of the 1960s and 1970s A) drastically reduced the level of poverty B) slightly reduced the level of poverty. C) had no impact on the level of poverty D) caused more poverty. Page 7

Explanation / Answer

33. a. Price ceiling at P = 12. It is the minimum price below which price will not fall.

34. d. It caused more poverty because the distribution of income has become unequal in the US.

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