When price is $2
A. there is a surplus.
B. there is a shortage.
C. quantity demanded is less than quantity supplied.
D. price must fall to get to equilibrium.
B. there is a shortage.
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Under the rational criminal model, a decrease in the punishment associated with getting convicted will
A. increase crime. B. have no effect on crime. C. increase the caseload in the appellate court system. D. decrease crime.
If firms were teams, then there is a need for a
A) profit monitor. B) benevolent government. C) boss or supervisor. D) none of these choices.
If the demand curve is a vertical line, then
a. demand is perfectly elastic b. demand is perfectly inelastic c. demand is unit elastic d. demand is determined by supply e. supply is a horizontal line
The change in the quantity demanded of a good that results from the effect of a change in the price on consumer products purchasing power holding all other factors constant.
What will be an ideal response?