A price ceiling is only effective if it is above the market equilibrium.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Which of the following is most likely to happen if aggregate consumption in an economy falls steeply?
A) Asset prices rise. B) Mortgage defaults fall. C) Labor supply falls. D) Firm bankruptcies rise.
Of the following, who is harmed by a tariff?
A) domestic buyers of the good or service B) the overall domestic economy C) the foreign exporter of the good or service D) domestic producers of the good or service E) Both answers A and B are correct.
Use the following data to answer the next question.The disposable income (DI) and consumption (C) schedules are for a private, closed economy. All figures are in billions of dollars.Disposable IncomeConsumption$0$88080160152240224320296400368If consumption increases by $10 billion at each level of disposable income, the marginal propensity to consume will
A. change, but the average propensity to consume will not change. B. not change, but the average propensity to consume will change. C. change, and the average propensity to consume will change. D. not change, and the average propensity to consume will not change.
Refer to the information provided in Figure 13.1 below to answer the question that follows.
Figure 13.1Refer to Figure 13.1. Of the following choices, Panel A best represents the demand curve for
A. insulin. B. an individual producer of soybeans. C. Dell computers. D. all of the above