If the government were to intervene and set the price of a dozen eggs above the market price, then we would expect, relative to the market outcome,
a. an increase in the number of eggs people want to buy and an increase in the number of eggs farmers want to sell.
b. an increase in the number of eggs people want to buy and a decrease in the number of eggs farmers want to sell.
c. a decrease in the number of eggs people want to buy and an increase in the number of eggs farmers want to sell.
d. a decrease in the number of eggs people want to buy and a decrease in the number of eggs farmers want to sell.
c
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Which of the following statements concerning the prisoner's dilemma is TRUE?
A) The player who moves last will always win. B) Confessing is the dominant strategy for both players. C) Neither player will pick the dominant strategy. D) The player who moves first will always win.
A government ban on a good that suffers from overconsumption may be ineffective if the:
A. likelihood of being caught breaking the ban is sufficiently high. B. likelihood of being caught breaking the ban is very low. C. punishment for breaking the ban is severe. D. public did not participate in setting the punishments.
If income were equally distributed, a nation's Lorenz curve would be identical to the _______________.
Fill in the blank(s) with the appropriate word(s).
As it relates to R&D, the expected-rate-of-return curve, r:
a. usually slopes upward. b. shows the cost of financing various levels of R&D. c. varies in location depending on the location of the interest-rate-cost-of-funds curve, i. d. represents the marginal benefit element in the MB = MC decision framework.