The demand and supply schedules for pizza are in the table above. A price ceiling of $2 per slice results in
A) a surplus of 20 slices of pizza.
B) a shortage of 20 slices of pizza.
C) a shortage of 40 slices of pizza.
D) a shortage of 60 slices of pizza.
E) neither a shortage nor a surplus.
B
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Whether a company produces fishing rods mostly by hand or using high-tech machinery is a question of
A) "When will the goods be produced?" B) "For whom will goods be produced?" C) "How will the goods be produced?" D) "Why will the goods be produced?" E) "Where will the goods be produced?"
Couples marrying at younger ages in colonial America than in Europe contributed to the relatively higher birth rates
Indicate whether the statement is true or false
Perfect competition and monopolistic competition are similar in that firms in both types of market structure will
A) act as price takers. B) produce a level of output where price equals marginal cost. C) earn zero profit in the long run. D) act as price setters.
The same size decrease in the amount of capital stock per worker will cause output per worker to fall by more in a country with a relatively high level of capital per worker than in a country with a relatively low level of capital per worker
a. True b. False Indicate whether the statement is true or false