If a price ceiling is set below the equilibrium market price, a shortage will occur
Indicate whether the statement is true or false
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A voting procedure in which the winner must defeat each of the other alternatives in head-to-head contests is known as the
A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
The theory that regulation seeks an efficient use of resources is the
A) social interest theory. B) producer surplus theory. C) consumer surplus theory. D) capture theory. E) deadweight loss theory.
Which of the following best describes the difference(s) between a model and a theory?
a. A theory is a more abstract representation, while a model is more applied or empirical representation. b. A model is a more abstract representation, while a theory is more applied or empirical representation. c. Theories are used to test models. d. Models have been proven, but theories are still being investigated.
The Environmental Protection Agency (EPA) administers all of the following acts except the
a. Clean Air Act b. Water Pollution Control Act c. Safe Drinking Water Act d. Toxic Substances Act e. Federal Reserve Act