When the price ceiling on eggs is lifted, there is a shortage of eggs in the market
a. True
b. False
Indicate whether the statement is true or false
False
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If marginal cost increases when output increases, then
A) marginal product must decrease when output increases. B) average fixed cost is constant. C) total cost is constant. D) average variable cost must increase when output increases. E) average total cost must decrease when output increases.
Over its history, Brazil has borrowed more from the rest of the world than it has loaned to the rest of the world. Brazil
A) eventually will have a balance of payments account that does not balance. B) is a debtor nation. C) is a creditor nation. D) has no current account balance.
Refer to the Article Summary. Colorado taxes marijuana with a 12.9% sales tax on buyers and a 15% wholesale excise tax on producers, which equates to 46 percent of the total taxes paid by retail buyers and 54 percent paid by producers
Does this necessarily mean that buyers will bear 46 percent of the burden of the tax and producers will bear 56 percent of the burden? A) Yes, the percentage of taxes paid by each group represents the burden of the tax. B) No, because consumers and producers always bear equal burdens of a tax. C) No, the burden of the tax will depend on the elasticity of demand and supply. D) No, the burden of a tax is always 100 percent on the consumer.
People like consuming peanut butter and jelly together. The price of peanuts increases. At the same time, we see the price for Jelly rise. How does this affect the market for peanut butter?
a. The demand curve will shift to the left; the supply curve will shift to the left b. The demand curve will shift to the left; the supply curve will shift to the right c. The demand curve will shift to the right; the supply curve will shift to the left d. The demand curve will shift to the right; the supply curve will shift to the right