If the government imposes a price ceiling below the market equilibrium price, which of the following will result?
A. There will be a surplus of the good.
B. The quantity demanded will exceed the quantity supplied.
C. The quantity supplied will exceed the quantity demanded.
D. The demand curve will shift to the left.
Answer: B
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One way to think of ideas coming out of behavioral economics is to map the ideas into either impacting "tastes" or "constraints". Can you give an example of each?
What will be an ideal response?
The market supply curve shows the
A) minimum price suppliers must receive in order to produce another unit of the good. B) maximum price suppliers must receive in order to produce another unit of the good. C) amount of producer surplus suppliers receive. D) profit that suppliers receive from producing another unit of the good.
Refer to Table 9-9. Suppose that the data in the table above reflect the price levels in the economy. Given that data, we can say that the cost of living rose by ________ between 2015 and 2016?
A) 2% B) 5% C) 8% D) 11% E) 13%
Which of the following should not be considered as an opportunity cost of attending college?
a. Expenses that are the same whether or not you attend college b. Lost salary c. Business lunches d. Interest that could have been earned on your money had you put the money into a savings account, rather than spent it on tuition e. Opportunities sacrificed in the decision to attend college