If the government presets a price that turns out to be above the actual equilibrium price, a surplus will develop in the market.
Answer the following statement true (T) or false (F)
True
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Which market is most likely to witness such actions and reactions as frequent new-product introductions, free samples, and aggressive advertising campaigns?
a. Oligopoly b. Perfect competition c. Monopoly d. Monopolistic competition
Banks try to keep their excess reserves at a maximum in order to maximize profits
a. True b. False Indicate whether the statement is true or false
In 2012, the U.S. minimum wage according to federal law was
a. $4.25 per hour. b. $5.15 per hour. c. $5.75 per hour. d. $7.25 per hour.
Which statement is true?
A. The national debt is larger than our GDP. B. The national debt has doubled over the last two years. C. The national debt is nearly $400 billion. D. The national debt has increased every year from 1969 to 1997.