If a price ceiling of $8 were placed in the market in the graph shown:
A. an excess supply of 7 would occur.
B. an excess supply of 15 would occur.
C. an excess supply of 23 would occur.
D. None of these is true.
D. None of these is true.
You might also like to view...
Neither the demand nor the supply of automobiles is perfectly elastic or inelastic. If the government imposes a $1,000 tax on automobiles, then the price of an automobile buyers pay
A) increases by $1,000. B) increases by less than $1,000. C) increases by more than $1,000. D) decreases by $1,000. E) does not change.
Would Tom install the safety equipment?
a. Yes because it costs him less than it is worth b. Yes because it costs him more than it is worth c. No because it costs him more than it is worth d. No because it costs him less than it is worth
A recent college graduate who is looking for her first job would be considered _____
a. a discouraged worker b. underemployed c. overemployed d. unemployed e. not in the labor force
When economists say that the supply for a product has increased, they mean that the
A. supply curve has shifted to the left. B. product has become particularly scarce for some reason. C. product has become more expensive and thus consumers are buying less of it. D. supply curve has shifted to the right.