Refer to the above figure. If the government imposes a price ceiling of $20
A) the quantity of goods that will be traded is 100.
B) the quantity of goods that will be traded is 200.
C) the quantity of goods that will be traded is 150.
D) the quantity of goods that will be traded is 0.
A
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Rational utility maximizing consumers tend to:
A. choose the same bundle of goods regardless of their income. B. change their consumption choices when either prices or income changes. C. buy the same bundle of goods regardless of the prices charged. D. change their consumption choices only when both prices and income changes simultaneously.
The short-run equilibrium output of a competitive firm is found by equating marginal cost with price.
Answer the following statement true (T) or false (F)
Refer to the graph shown. With an effective price floor at Pf, the effect is an implicit tax on:
A. consumers shown by area B and a subsidy to suppliers of that area. B. consumers shown by area C and a subsidy to suppliers of that area. C. suppliers shown by area B and a subsidy to consumers of that area. D. suppliers shown by area C and a subsidy to consumers of that area.
Walmart entered the grocery business in the 1990s. By 2005, it was the ________ grocery chain in the U.S.
A. fourth-largest B. largest C. third-largest D. second-largest