Price ceilings result in shortages
Indicate whether the statement is true or false
TRUE
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Advances in productivity increase supply because they might
A) increase the price expected in the future. B) decrease the cost of production. C) increase the number of firms producing the good. D) raise the prices of resources used to produce the good. E) decrease the number of goods available.
Which of the following items has the largest price elasticity of demand?
A) food B) fruit C) oranges D) oranges from a Wal-Mart SuperCenter
The so-called "Four Tigers" do NOT include
A) Japan. B) Hong Kong. C) Taiwan. D) Singapore.
An increase in the expected future price level: a. Shifts both SRAS and LRAS to the left
b. Shifts both SRAS and LRAS to the right. c. Shifts SRAS left but leaves LRAS unchanged. d. Shifts SRAS right but leaves LRAS unchanged.