Suppose that the government imposes a price ceiling on gasoline that is below the equilibrium price. The black market for gasoline is ________ market in which the price ________ ceiling price
A) a legal; exceeds the
B) an illegal; exceeds the
C) a legal; is less than the
D) an illegal; is less than the
E) an illegal; equals
B
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If Ann's disposable income increases, her saving decreases
Indicate whether the statement is true or false
The marginal product of labor is always ________ and it ________ as the labor stock increases
A) positive; increases B) positive; decreases C) negative; increases D) negative; decreases
Which of the following statement is true?
a. The demand for Cheerios is less elastic than the demand for cereal b. The demand for gas is more elastic in the short-run than in the long-run c. The demand for puma shoes is more elastic than the demand for shoes d. Products with many complements have a more elastic demand
In the above figure, B is the current long-run aggregate supply curve and E is the current short-run aggregate supply curve
If there is an increase in the full-employment quantity of labor, then the long-run aggregate supply curve and the short-run aggregate supply curve A) remain B and E. B) shift to A and D, respectively. C) shift to C and F, respectively. D) remain at B and shift at F, respectively.