Monopolists do not face constraints on the prices they charge.
Answer the following statement true (T) or false (F)
False
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A price floor that is set above market equilibrium will cause
A) an excess quantity demanded. B) a shortage. C) a surplus. D) queuing on the part of consumers.
In the 2008 credit crisis,
A. Home prices had no effect on the economy. B. Home prices rose and caused a shortage in housing. C. Home prices fell and caused home owners to default on loans. D. None of the choices are correct.
We need to study a model in which real and nominal variables interact in order to understand how the economy works
a) in the short run but not the long run. b) without regards to any time period, whether the short run or the long run. c) in both the short run and the long run. d) in the long run but not the short run.
A raise in the price of a product causes _____.
(A) A decrease in supply. (B) An increase in demand. (C) A decrease in competition. (D) An increase in competition.