If price were set by the government at $3, there would be a price _____________, that would cause a ___________ of _______ units.
A. floor; surplus; 12
B. floor; shortage; 12
C. ceiling; surplus; 14
D. ceiling; shortage; 14
D. ceiling; shortage; 14
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Find an example of the distinction between microeconomics and macroeconomics in today's headlines
What will be an ideal response?
Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market in which some firms are experiencing short-run losses, and consumers are displaying an increased preference for organic produce?
A) Panel A B) Panel B C) Panel C D) Panel D
There is a(n) _______ relationship between the value of money and the quantity of money in circulation.
A. direct B. inverse C. unpredictable
The production possibility curve (PPC) shows the ________ production of one good for ________ production level of the other good.
A. minimum; every possible B. maximum; the minimum C. maximum; every possible D. minimum; the maximum