In the above figure, the equilibrium price of a paperback book is $6 per book and the equilibrium quantity is 3 million books. The National Literature Board convinces the government to impose a price ceiling of $6 per book
At this price, the quantity of books supplied to the market will be A) 3 million a month and will equal the quantity demanded.
B) less than 3 million a month and will exceed the quantity demanded.
C) less than 3 million a month and will be less than the quantity demanded.
D) more than 3 million a month and will exceed the quantity demanded.
A
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Refer to Figure 4.8. The game described in the payoff graph has the characteristics of a(n) ________ game
A) assurance B) prisoner's dilemma C) chicken D) pure coordination
Write down the budget constraint equation as well as the choice set for a worker who has 100 possible hours of leisure per week and can earn a wage of $25 per hour.
What will be an ideal response?
At any quantity, the price given by the supply curve shows the cost of the lowest-cost seller
a. True b. False Indicate whether the statement is true or false
Price discrimination refers to:
A. selling a given product for different prices at two different points in time. B. any price above that which is equal to a minimum average total cost. C. the selling of a given product at different prices to different customers that do not reflect cost differences. D. the difference between the prices a purely competitive seller and a purely monopolistic seller would charge.