When the government controls the price of a product, causing the market price to be above the free market equilibrium price,
A) all producers gain.
B) both producers and consumers gain.
C) only consumers gain.
D) some, but not all, sellers can find buyers for their goods.
D
You might also like to view...
Once international trade occurs, a country with a comparative advantage in the production of a good will ________ production of the good and ________
A) decrease; import the good B) increase; export the good C) not change; import the good D) increase; import the good E) decrease; export the good
A perfectly competitive firm will shut down in the short run when marginal revenue equals marginal cost at a price less than minimum average variable cost
a. True b. False Indicate whether the statement is true or false
From an economic perspective, the socially best amount of pollution control is that amount in which:
a. there is zero pollution. b. the private plus external marginal costs are equal to the private plus external marginal benefits. c. the private plus external marginal costs are less than the private plus external marginal benefits. d. the private marginal costs are equal to the private marginal benefits. e. the external costs equal the external benefits.
Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000, of whom 1,800 work 6 hours a day to make 270,000 final goods
a. Country A has higher productivity and higher real GDP per person than country B. b. Country A has lower productivity and lower real GDP per person than country B. c. Country A has higher productivity, but lower real GDP per person than country B. d. Country B has lower productivity, but higher real GDP per person than country B.