If a price ceiling is not binding, then
a. there will be a surplus in the market
b. there will be a shortage in the market.
c. the market will be less efficient than it would be without the price ceiling.
d. there will be no effect on the market price or quantity sold.
d
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In 2000, total United States spending on national defense was less than five percent of GDP
a. True b. False
In a perfectly competitive market in which all firms are maximizing their economic profits, the demand and supply curves intersect at a price of $8. From this we know that each
A) firm's average total cost of producing the good is $8. B) firm's average variable cost of producing the good is $8. C) firm's marginal cost of producing the good is $8. D) firm is earning positive economic profits at a price of $8 or more.
Real GDP is $1,400 billion and nominal GDP is $1,800. The GDP price index equals
A) 100.0. B) 2.86. C) 77.0. D) 222.2. E) 128.6.
What is game theory?
What will be an ideal response?