Use the following graph for a competitive market to answer the question below: 
A price ceiling of $10 per unit will result in a
A. surplus of 200 units.
B. shortage of 200 units.
C. surplus of 250 units.
D. shortage of 250 units.
Answer: B
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If the price of chicken rises from $1.25 per pound to $1.75 per pound, and the quantity demanded goes from 250 pounds per day to 175 pounds per day, this illustrates
A. the law of diminishing returns. B. the law of supply. C. the law of demand. D. the law of supply and demand.
What will be the effects of a severe Florida freeze on the price of orange-juice-concentrate futures and what will occur as a result?
A) The futures price will fall and less orange juice will be consumed currently. B) The futures price will fall and more orange juice will be consumed currently. C) The futures price will rise and less orange juice will be consumed currently. D) The futures price will rise and more orange juice will be consumed currently.
When government action is justified based on the argument that everyone agrees to be coerced _____
a. we cannot be sure that everyone is in favor of the action b. the same justification is true of market exchange c. we can be sure that the current state of affair is Pareto efficient d. the private interest becomes the public interest
In many poor nations, the minimum standard of living is set so low that relatively few people get counted as poor
Indicate whether the statement is true or false