When a price floor is imposed above the equilibrium price of a commodity,
a. quantity demanded will be greater than quantity supplied for the good.
b. the quantity demanded by consumers will be greater than at the equilibrium price.
c. a shortage of the good will develop.
d. a surplus of the good will develop.
D
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The distinguishing characteristic of private goods is that
A) the principle of rival consumption does not apply to them. B) their use is exclusive to the people who purchase them. C) they can be sold but not rented. D) they can be sold or rented, but not borrowed.
Inferior goods are low quality goods that people prefer to buy less of
a. True b. False Indicate whether the statement is true or false
According to the Added Perspective "Who Can Be Loyal to a Trash Bag?" consumers will try a different 35-mm film for a 50 percent discount in price
Indicate whether the statement is true or false
When the rate of cyclical unemployment is zero, the
a. natural rate of unemployment must also be zero b. rate of frictional unemployment must be negative c. economy must have entered a recessionary stage d. Keynesian aggregate supply curve must be horizontal e. economy is considered to be at full employment