Price ceilings are typically imposed to benefit buyers
a. True
b. False
Indicate whether the statement is true or false
True
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A surplus of cardboard boxes means that
A) at the current price of a cardboard box, the quantity demanded exceeds the quantity supplied. B) at the current price of a cardboard box, the quantity demanded is less than the quantity supplied. C) the current price of a cardboard box is less than the equilibrium price. D) at the current price of a cardboard box, the quantity demanded equals the quantity supplied and the price will fall to restore the equilibrium. E) More information is needed to determine if the price of cardboard boxes is higher than, lower than, or equal to the equilibrium price.
Happy Cows is a dairy farm that is currently earning $50,000 in economic profit. The managers of Happy Cows are considering adding a second dairy farm, which will generate an additional $10,000 in economic profit. It is economically sound for the managers of Happy Cows to add the second farm if, after accounting for the managerial diseconomies, the first farm's economic profits exceed ________.
A) $30,000 B) $40,000 C) $10,000 D) $20,000
The price of house paint, a normal good, has gone up. This change can be shown graphically as a:
A. shift in the demand curve to the right. B. shift in the demand curve to the left. C. movement along the demand curve to the right. D. movement along the demand curve to the left.
Having insatiable wants is similar to saying that
a. people should not be so greedy b. more is always better c. total satisfaction is obtainable d. resources are scarce e. limits are surmountable