Does a binding price ceiling result in a shortage or a surplus in the market?
A binding price ceiling will result in a shortage in the market.
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When the economy is in short-run equilibrium, there will be ________ output gap.
A. only a recessionary B. no C. either a recessionary or an expansionary D. only an expansionary
When the demand for blue jeans increases, what happens next?
What will be an ideal response?
Assume an attorney who has worked with a large law firm decides to leave to establish his own practice
Even though he is not leaving the company with any physical assets what might be his most important asset? What factors might impede his ability to use this asset and why?
The compensated demand curve
A. shows how the quantity demanded changes when the price changes. B. shows how income is compensated, so that the individual's commodity bundle stays on the same indifference curve. C. is sometimes referred to as the Hicksian demand curve. D. all of these answer options are correct.