If the government removes a binding price ceiling from a market, then the price received by sellers will
a. decrease, and the quantity sold in the market will decrease.
b. decrease, and the quantity sold in the market will increase.
c. increase, and the quantity sold in the market will decrease.
d. increase, and the quantity sold in the market will increase.
d
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By 2016, the unemployment rate in the US had fallen from a peak of 10% in 2009 to:
A. under 5%. B. 7.8%. C. 6.2%. D. under 3%.
A change in household preferences for saving that reduces the marginal propensity to save causes the consumption function to _____
a. become steeper b. become flatter c. shift upward d. shift downward
In a competitive market the current price is $5 . The typical firm in the market has ATC = $5.00 and AVC = $4.50
a. In the short run firms will shut down, and in the long run firms will leave the market. b. In the short run firms will continue to operate, but in the long run firms will leave the market. c. New firms will likely enter this market to capture any remaining economic profits. d. The firm will earn zero profits in both the short run and long run.
A public good in which exclusion is possible is called
A) an exclusive good. B) a common good. C) an impure good. D) a club good.