An effective government imposed price ceiling will result
A. in prices for the product falling in the future.
B. in a surplus on the market.
C. in additional revenue for the government.
D. in a shortage on the market.
Answer: D
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The Council of Economic Advisers consists of thirty members and a staff of several dozen economists
a. True b. False Indicate whether the statement is true or false
Finding both parties to a trade who have something the other party wishes to trade for is called a:
A. double coincidence of wants. B. unit of account. C. medium of exchange. D. store of value.
How do firms incorporate opportunity costs to calculate economic costs? Discuss and give example using an explicit economic cost and an implicit economic cost
Please provide the best answer for the statement.
If demand increases while supply decreases, then the equilibrium price
A) always increases. B) always decreases. C) may increase, decrease, or stay the same. D) never changes.