If a government-imposed price floor legally sets the price of milk above market equilibrium, which of the following will most likely happen?
A. The quantity of milk demanded will increase.
B. The quantity of milk supplied will decrease.
C. There will be a surplus of milk.
D. There will be a shortage of milk.
Answer: C
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The Chamberlin oligopoly provides a foundation for ________ and differs from the Cournot oligopoly as it assumes firms ________ to each other's actions.
A) tacit collusion; do not respond B) cartels; respond C) tacit collusion; respond D) cartels; do not respond
Why are the prices of some regulated industries often higher than they would be if there were no regulation?
What will be an ideal response?
Which of the following approaches will help traditional American companies operating in countries like China to protect intellectual property rights?
A. avoiding negotiation and alternative dispute resolution B. complaining to the U.S. government and World Trade Organization C. expecting the home country to actively police their intellectual property D. using IP without registering it with the appropriate agencies in United States E. not engaging local representation
Which of the following is an economic activity:
A. Following the stock market B. Reading a bank statement C. Balancing a checkbook D. Purchasing a candy bar