A price ceiling that is set above the equilibrium price:
A. will have no effect on the market.
B. will lead to a black market.
C. will lead to excess supply in the market.
D. will lead to excess demand in the market.
Answer: A
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Total surplus:
A. can never be zero.
B. can never fall below zero.
C. is always above zero.
D. is less than the consumer surplus.
Which goes exclusively to the poor?
A. Medicaid B. Medicare C. Social Security D. Unemployment insurance benefits
Describe the major sources of tax revenue and expenditures for the federal government.
What will be an ideal response?
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.