When a shortage of a good is present due to a price ceiling,
a. the amount supplied will be greater than the amount demanded.
b. the quality of the good will generally improve.
c. non-price factors, such as discrimination or waiting in line, will play a greater role in the allocation of the good.
d. the demand for the product will increase and, thereby, eliminate the shortage.
C
You might also like to view...
If the graph shown is displaying a competitive market and the market is currently offering a wage more than P*:
A. there would be a surplus of workers who want to work at that wage.
B. there would not be unemployment in the market.
C. firms would have a hard time finding workers.
D. equilibrium would be achieved.
The long-run aggregate supply curve intersects the horizontal axis at the:
A. actual rate of inflation. B. potential level of output. C. expected rate of inflation. D. current level of output.
All economists agree that the worldwide benefits of globalization are likely to be greater than the worldwide costs
Indicate whether the statement is true or false
If the price in Japan of a U.S. dollar becomes a larger number of yen, the U.S. dollar has ________. The yen has ________ because it buys ________ dollars
A) depreciated; appreciated; more B) appreciated; depreciated; more C) appreciated; appreciated; fewer D) appreciated; depreciated; fewer E) appreciated; appreciated; more