A surplus will occur if a ________ is set ________ the equilibrium price.
A. price floor; above
B. price floor; below
C. price ceiling; below
D. price ceiling; above
Answer: A
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Since at least 1995 the majority of increases in U.S. real GDP are from
What will be an ideal response?
The long-run labor demand curve is:
A. more elastic than the short-run labor demand curve. B. less elastic than the short-run labor demand curve. C. either more or less elastic than the short-run labor demand curve. D. perfectly elastic (horizontal).
Which of the following best represents economic growth?
A. an increase in real Gross Domestic Product (GDP) B. an increase in nominal Gross Domestic Product (GDP) C. an increase in the per capita nominal Gross Domestic Product (GDP) D. an increase in the per capita real Gross Domestic Product (GDP)
Suppose a new government policy will generate $5,000 of benefits for local businesses and $3,000 of costs. This policy can best be described as
A. inefficient. B. Pareto efficient. C. equitable. D. potentially efficient.