A binding price ceiling that could be set in the market in the graph shown would be:
A. $15.
B. $11.
C. $8.
D. $30.
C. $8.
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The "income effect" in the market for aspirin means that
A) aspirin are generally taken by people with higher than average incomes. B) a decrease in the price of a substitute good like acetaminophen will make aspirin takers feel a little poorer than they were before. C) an increase in the price of aspirin will reduce the total purchasing power of aspirin takers, making them able to afford fewer aspirin. D) an increase in the price of aspirin will cause headache sufferers to look for a lower priced remedy.
A monopolistically competitive market can also be:
A. perfectly competitive market. B. a monopoly. C. an oligopoly. D. All of the above.
A ration coupon is generally used
a. to allocate the excess supply of a good b. if a price floor is imposed on a market c. to limit the supply of a good d. if there is an excess supply e. to allocate the good under conditions of excess demand
The Cournot and Stackelberg models are similar, EXCEPT Cournot ________ and Stackelberg ________
A) sets price; sets output B) sets output; sets price C) is dynamic; is static D) is static; is dynamic