A price ceiling set below the equilibrium price causes a shortage in the market
a. True
b. False
Indicate whether the statement is true or false
True
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Milton Friedman first proposed the hypothesis that individuals consume a fraction of their expected, or ________, income
A) disposable B) net C) attainable D) permanent E) life-cycle
If the exchange rate changes from 75 cents per euro to $1 per euro, the euro
a. appreciated, since its value has increased b. appreciated, since the price of U.S. dollars has increased c. appreciated, making U.S. goods more expensive in Euros d. depreciated, since its value has declined e. depreciated, since its value has increased
Historical trends in the prices of most natural resources compared to prices of other goods indicate that most natural resources have become scarcer over time
a. True b. False Indicate whether the statement is true or false
You shop at the local drugstore because it is convenient. This situation is best described as:
a. a market with horizontal demand. b. monopolistic competition with differentiation by location. c. differentiation by a cartel. d. differentiation by style or type.