In a freely operating market system, queuing is most likely to occur when
A) selling necessities.
B) the market clearing price increases.
C) demand fluctuates unpredictably and quickly.
D) demand increases gradually over time.
Answer: C
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Which of the following results from a price ceiling? i. increased search activity ii. surplus iii. black market
A) i only B) i and iii C) ii and iii D) i, ii, and iii E) ii only
The price of stadium seats at a baseball game increases from $20 to $30 and ticket sales fall from 45,000 per game to 35,000 per game. If other things remained constant, then it appears that the price elasticity of demand is: a. elastic
b. inelastic. c. unit elastic. d. unit inelastic. e. equal to zero.
One difficulty of computing the value of GDP is that there are no market prices for
a. exports and imports. b. business investments. c. government goods and services. d. resource values.
The sum of MPC and the MPS must equal 1 because
What will be an ideal response?