Most economists believe price ceilings ______________
A. do more harm than good.
B. have no impact on the market.
C. do more good than harm.
D. are necessary to protect consumers.
A. do more harm than good.
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An increase in the amount of a product offered for sale at every price is called an increase in supply
Indicate whether the statement is true or false
Suppose we observe people buying more of a good even though its price has risen. What would an economist conclude?
A) Impossible! We will never observe prices and quantity simultaneously rising in the real world. B) The demand curve for the good must be upward-sloping. C) The law of demand doesn't hold. D) The demand curve has shifted to the right. E) Consumption increasing as prices increase only occurs when a good is needed for survival.
If Taco Bell determines that the demand for its food is elastic, Taco Bell should raise its price to increase its total revenue
Indicate whether the statement is true or false
The Gallatin Plan (1808) was not passed because some individuals questioned its constitutionality
Indicate whether the statement is true or false