Which of the following government programs will create a shortage?
A. Support prices.
B. Ceiling prices.
C. Sales tax.
D. None of these choices will create a shortage.
B. Ceiling prices.
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In the table above, Jack's opportunity cost for 1 pound of food is ________ and his opportunity cost for 1 pound of clothing is ________
A) 1 pound of clothing; 4 pounds of food B) 1/2 of a pound of clothing; 2 pounds of food C) 1/3 of a pound of clothing; 3 pounds of food D) 2 pounds of clothing; 2 pounds of food E) 1 pound of food; 1 pound of clothing
The First Welfare Theorem holds that the allocation of goods resulting from competitive prices is "efficient," which is the equivalent of "equitable."
Answer the following statement true (T) or false (F)
Use the answer you found when adding market demand curves vertically in Question 18 above to find the market equilibrium quantity if the market supply is constant at 4 units.
What will be an ideal response?
The economic way of thinking suggests competition and cooperation are
A) incompatible. B) mutually destructive. C) present in any society. D) only present in a capitalist market economy.