A gallon of milk costs $4 in Bonland. If the government fixes the price at $3.50, ________
A) the quantity demanded of milk will fall
B) the quantity of milk supplied will increase
C) a shortage of milk will occur in the market
D) there will be an excess supply of milk in the market
C
Economics
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At equilibrium, the market will clear, with no surpluses or shortages occurring.
Answer the following statement true (T) or false (F)
Economics
A product in the first stage of production is defined as a(n):
a. basic need. b. investment. c. environmental product. d. primary product. e. transitory product.
Economics
If you have a $50 co-pay, you must pay ____ for each doctor’s visit.
A. $50 B. $35 C. $25 D. None of the above is correct.
Economics
A corrective tax is also known as:
a. a command-and-control regulation. b. a Coase tax. c. a Pigovian tax. d. a Smithian tax.
Economics