A price floor that is set above market equilibrium will cause
A. queuing on the part of consumers.
B. a surplus.
C. an excess quantity demanded.
D. a shortage.
Answer: B
You might also like to view...
If the total cost incurred in hiring ten workers by a firm is $45, and the total cost incurred when the eleventh worker is hired is $60, the marginal cost of hiring the eleventh worker is:
A) $20. B) $15. C) $105. D) $1.33.
If the price of inputs rises and personal income taxes rise:
a. Price index rises, and the change in real GDP is uncertain. b. Price index falls, and real GDP rises. c. Price index falls, and real GDP falls. d. Price index falls, and the change in real GDP is uncertain. e. The change in price index is uncertain, and real GDP falls.
Figure 10-1
At which point in is the economy experiencing an economic recession?
a.
A
b.
B
c.
C
d.
D
The short run is a period of time during which _____
Fill in the blank(s) with the appropriate word(s).