Suppose the equilibrium price of a physical examination ("physical") by a doctor is $200, and the government imposes a price ceiling of $150 per physical. As a result of the price ceiling,
a. the quantity of physicals demanded increases.
b. there is shortage of physicals.
c. the quantity of physicals supplied decreases.
d. All of the above are correct.
d
You might also like to view...
Entry into an oligopoly is
a. possible for anyone b. time consuming c. relatively easy d. impossible e. relatively difficult
Unemployment insurance __________ the amount of unemployment
Fill in the blank(s) with correct word
Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. If price goes from equilibrium to P1, producer surplus changes by the area
A. B - F. B. E + F. C. C + E D. E - C.
A monopolistic industry will have a Herfindahl index value of:
a. 1. b. 100. c. 500. d. 1000. e. 10.