Use the following graph for a competitive market for a product where the government has set a price ceiling of 0A to answer the question below.
What quantity will buyers be able to buy after the imposition of the price ceiling?
A. 0L
B. KL
C. JL
D. 0J
Answer: D
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A closed economy is a national economy that
A) doesn't interact economically with the rest of the world. B) has a stock market that is not open to traders from outside the country. C) has extensive trading and financial relationships with other national economies. D) has not established diplomatic relations with other national economies.
In Figure 3-4 above, the marginal propensity to consume is
A) 500. B) 2.5. C) 0.6. D) 0.4. E) 1.5.
Repeated games are conducive to
A) explicit cooperation. B) tacit cooperation. C) corruption. D) failing to have a Nash equilibrium.
People who focus on the "competitiveness" of the United States are
A) focusing on the right thing if the United States is to stay a leading economic power. B) treating the United States as if it is a business firm. C) also focusing on the importance of education. D) correctly recognizing that trade is a zero-sum game.