In the graph shown above, if the government set a price ceiling of $26.
A. there would be a permanent shortage, at least until the price ceiling was lifted.
B. there would be a temporary shortage, then the price would fall to equilibrium price.
C. price would rise to the equilibrium price.
D. price would immediately fall to the equilibrium price.
A. there would be a permanent shortage, at least until the price ceiling was lifted.
You might also like to view...
Not including transactions from the underground economy will tend to ________ GDP, and not including environmental changes caused by pollution will tend to ________ GDP
A) undervalue; undervalue B) overvalue; overvalue C) overvalue; undervalue D) undervalue; overvalue
In the long run, a firm has
A) no factors of production that are fixed. B) no factors of production that are variable. C) no factors of production that are either fixed or variable. D) fixed factors of production but no variable resources.
The FOMC meets approximately eight times per year and at these meetings they
a. set a target federal funds interest rate. b. set a target money supply. c. set a target employment target. d. All of the above e. None of the above
A community in a Southeastern state passed a beautification ordinance (law) prohibiting the placement of indoor furniture outside of homes (i.e., no couches on the porch). The law represents a conflict between ____ and ____
a. the rich; the poor b. third parties; market participants c. victims; criminals d. public goods; private goods e. residents; visitors