If the government imposes a price ceiling below the market equilibrium price, then:
a. c and d.
b. there will be excess supply.
c. there will be excess demand.
d. the intent is to benefit consumers.
e. the intent is to benefit producers.
a
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a. tasters and preferences b. household income c. the state of technology d. prices of related goods
How does the text distinguish between government and the market?
A) The government is the place around the capital city; the market is everywhere else. B) The government is populated with publicly-spirited people; the market is populated with selfish people. C) The government is based on cooperation; the market is based on competition. D) In all of the above ways. E) In none of the above ways.
How did the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 affect the Fed's
What will be an ideal response?
An increase in demand for a good can be caused by
A) a decrease in the price of a substitute good. B) a reduction in income if the good is a normal good. C) a decrease in the price of a complementary good. D) an increase in price of a complementary good.