In the above figure, a shortage could be caused by a government price ceiling set at
A. $2.50.
B. $2.00.
C. $1.00.
D. $3.00.
Answer: C
You might also like to view...
A survey of 1,500 frequent restaurant patrons revealed that, Chang Cheng, a local Chinese restaurant, offers high-quality food at low prices. Based on one dining experience, a restaurant critic gave Chang Cheng a poor review, saying the food was not very good. As a result, you decide not to dine at Chang Cheng. This decision is an example of which of the following systematic mistakes that people
make when making decisions? a. People are overconfident. b. People give too much weight to a small number of vivid observations. c. People are reluctant to change their minds. d. All of the above are correct.
There are several reasons why incomes are unequal, including differences in luck, experience, and schooling.
Answer the following statement true (T) or false (F)
Which one of the following is an example of a normative statement?
A. The average public school teacher earns more than the average truck driver. B. Students in smaller classes perform better on standardized tests. C. Public school teachers are not paid enough. D. The average public school teacher earns less than the average truck driver.
Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. If this farmer maximizes profits, his average total cost will be
A. $7. B. $9. C. $11. D. $15.