A price ceiling is a legal minimum on the price at which a good or service can be sold
a. True
b. False
Indicate whether the statement is true or false
False
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According to the above figure, then the supply curve will
A) shift from S1 to S2. B) shift from S2 to S1. C) remain at S1. D) shift either to the left or the right, but it is impossible to say without more information.
Between 1939 and 1944 the United States' national output
A. remained the same. B. nearly doubled. C. nearly tripled. D. nearly quadrupled.
Each year around July 4 the town of Flagston has a controversy over how big a fireworks display they should have on the holiday. The three citizens have the demand functions for fireworks that are shown here. The cost per firecracker is $18. Elmer has the demand function P = 20 - Q. Ethel's demand equation is P = 12 - .6Q, and Edith has the demand P = 8 - .4Q.What is the socially optimal output level?
What will be an ideal response?
An oligopoly occurs when there
A. is only one seller in a market. B. are a large number of sellers in a market producing a variety of products. C. are a large number of sellers producing similar products. D. are only a few sellers in a market.