Suppose a price floor is set by the government above the market equilibrium price. Which of the following will result?
a. There will be a surplus.
b. The quantity demanded will exceed the quantity supplied.
c. The demand curve will shift to the left.
d. None of these.
a
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In the case of perfectly inelastic demand,
a. the change in quantity demanded equals the change in price. b. the percentage change in quantity demanded equals the percentage change in price. c. infinitely-large changes in quantity demanded result from very small changes in the price. d. quantity demanded stays the same whenever price changes.
Which of the following is NOT a result of specialization?
A. Wealth B. Innovation of existing products C. Development of new products D. One-sided benefits
The Clayton Act outlawed tying contracts, price discrimination, and all mergers.
Answer the following statement true (T) or false (F)
In the Keynesian model in the short run, what is likely to happen to employment after each of the following shocks?(a)An increase in taxes(b)An increase in consumer spending generated by a reduced desire for saving(c)An increase in the money supply
What will be an ideal response?