A maximum legal price that may be charged for a particular good or service is known as a
A) price floor.
B) price ceiling.
C) black market.
D) price support.
Answer: B
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The opportunity cost of a college education includes wages lost while enrolled in school.
Answer the following statement true (T) or false (F)
If the economy is already at its potential output, then the spending multiplier is: a. zero in the long run
b. infinite in the long run. c. equal to 1 in the long run. d. zero in the short run. e. equal to 1 in the short run.
The most common pattern for marginal utility is ______.
A. diminishing marginal utility B. substitute consumption C. a budget constraint model D. a long-term perspective theoretical model
When demand rises and supply remains the same, equilibrium price _______ and equilibrium quantity ____________.
Fill in the blank(s) with the appropriate word(s).