The imposition of a binding price floor on a market causes quantity demanded to be
a. greater than quantity supplied.
b. less than quantity supplied
c. equal to quantity supplied.
d. Both (a) and (b) are possible.
b
You might also like to view...
Costs that are independent of the firm's level of output are called
a. fixed costs. b. marginal costs. c. opportunity costs. d. sunk costs.
If the price of refillable butane lighters was to decrease, then
A) the quantity of butane demanded would increase. B) the demand for butane would decrease. C) the demand for butane would increase. D) the quantity of butane demanded would decrease.
As country incomes rises, what would you generally expect to happen to the burden of noncommunicable diseases as a share of the total disease burden?
A) It should go up B) It should stay about the same C) There is no consistent relationship between the two D) as country incomes rise E) It should go down
Refer to the information provided in Table 8.5 below to answer the question(s) that follow. Table 8.5Number of SwordsTVCMCAVCTFCTCAFCATC0???? 50??1?25?????2??????47.503??23.33????4????150??5135??????Refer to Table 8.5. If Phoebe produces zero swords, her total fixed costs are
A. $0. B. $25. C. $50. D. indeterminate from this information.