If a price ceiling is imposed, then:
A. the market supply curve will shift to the right.
B. the market demand will shift to the left.
C. a shortage of product will result.
D. the market equilibrium price is below the level the government wishes to achieve.
Answer: C
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Refer to the figure below. At a price of $2, the total expenditure on lattes each hour equals: 
A. $60. B. $80. C. $30. D. $40.
Refer to Figure 4-6. What area represents consumer surplus at the equilibrium price of P1?
A) D + E B) A C) A + B + C + D + E D) A + B + C
Those who think that a popular investment is necessarily a good investment often find themselves earning low returns.
Answer the following statement true (T) or false (F)
Advertising is used by firms to increase their price elasticities of demand
Indicate whether the statement is true or false