After a price ceiling of $8 is placed on the market in the graph shown, the total number of units traded:
A. falls by 8 relative to equilibrium.
B. falls by 15 relative to equilibrium.
C. falls by 23 relative to equilibrium.
D. increases by 15 relative to equilibrium.
A. falls by 8 relative to equilibrium.
You might also like to view...
The figure above shows the production possibilities frontier for a country. How does the opportunity cost of compact cars forgone per SUV gained moving from point C to point B compare with the movement from point B to point A?
A) The opportunity cost of moving from point C to point B is greater than the movement from point B to point A. B) The opportunity cost of moving from point C to point B is less than the movement from point B to point A. C) The opportunity cost of moving from point C to point B is the same as the movement from point B to point A. D) The opportunity costs cannot be compared because the units of moving from point C to point B differ from the units of moving from point B to point A. E) More information is needed to determine how the two opportunity costs compare.
Exports are positively related to domestic income and negatively related to the exchange rate
Indicate whether the statement is true or false
Ceteris paribus, which of the following would cause a decrease in the demand for HD TVs?
a. decline in the price of HD TVs. b. increase in the price of HD TVs. c. increase in consumers' income. d. decrease in consumers' income.
The price index was 120 in 2012 and 126 in 2013 . What was the inflation rate?
a. 5.0 percent b. 6.0 percent c. 7.2 percent d. 105 percent