Quantity demanded will equal quantity supplied if a ________ is set ________ the equilibrium price.
A. price ceiling; at or below
B. price ceiling; above
C. price ceiling; below
D. price floor; above
Answer: B
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For a given supply elasticity, the more inelastic the demand for a good, the larger the share of the tax paid by the
A) buyers. B) sellers. C) participants other than the buyers and sellers. D) government. E) None of the above answers is correct.
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Decreasing marginal returns start to occur after the ________ worker is hired
A) first B) fourth C) fifth D) sixth E) third
In comparison to firms in other market structures, monopolists:
A) maximize social surplus. B) encourage the entry and exit of new firms. C) set price lower than marginal revenue. D) produce goods that do not have close substitutes.
If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars?
A) The supply curve will shift to the right. B) The supply curve will shift to the left. C) The demand curve will shift to the left. D) The demand curve will shift to the right.