A price ceiling set above the equilibrium price will cause which of the following?
A) an increase in supply
B) a surplus
C) a shortage
D) no effect on either the price or quantity
Answer: D
You might also like to view...
High inflation that persists beyond the ending of expansionary policies is probably ________
A) demand-pull inflation B) Humphrey-Hawkins inflation C) cost-push inflation D) a result of unemployment remaining below the natural rate E) none of the above
A _____ is an integrated set of parts that function together for some end purpose or result
a. Controlling factor b. System c. Crisis d. Kibbutz
If the interest rate is 8 percent, $54 next year is worth __________ today
a. $62 b. $50.68 c. $50 d. $62 e. $4.32
In a sequential game, the first mover into a new market:
A. always earns a greater payoff than the second mover. B. may discourage the second mover from entering that market. C. only enters when there is a dominant strategy. D. guarantees that a Nash equilibrium will result.