The amount of a good sold in a market at a particular price cannot exceed the quantity
a. demanded at that price.
b. supplied at that price.
c. sold when there is a price floor.
d. sold when there is a price ceiling.
b
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If a struggling perfectly competitive furniture store in Detroit shuts down, it incurs an economic loss equal to its
A) marginal cost. B) total fixed cost. C) total variable cost. D) average variable cost. E) average total cost.
Is the minimum wage an example of a price floor or a price ceiling? Why?
What will be an ideal response?
The bulk of federal budget receipts come from ______
a. individual income taxes b. social insurance revenues c. corporation income taxes d. excise taxes
If a 5% increase in price leads to an 8% decrease in quantity demanded, demand is
a. perfectly elastic b. elastic c. unit elastic d. inelastic e. perfectly inelastic