If government legislates a price floor that is below the equilibrium price
A. a shortage will develop.
B. a black market will soon develop.
C. a surplus will develop.
D. market price and quantity sold will be unaffected.
D. market price and quantity sold will be unaffected.
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Discrimination that occurs when someone assigns the properties of a group to a particular individual who is a member of that group is known as
A) taste-based discrimination. B) indirect discrimination. C) justifying discrimination. D) statistical discrimination.
Compared to a fixed percentage reduction regulation, a tax on pollution encourages:
A. big firms to make larger reductions because they can more easily afford it. B. firms that can more cheaply reduce pollution to make larger reductions. C. firms to use the same technology to reduce pollution. D. firms to reduce pollution by the same percent.
In the above figure, what is the equilibrium level of real consumption spending?
A. $2.0 trillion B. $3.0 trillion C. $0.0 trillion D. $1.0 trillion
Refer to the above figure. Given the indifference map and budget constraint represented above, the consumer will maximize utility when she consumes at
A. point A. B. point B. C. point C. D. either points A or B.