A price ceiling in the market for fuel oil that is below the equilibrium price will
A) lead to the quantity supplied of fuel oil exceeding the quantity demanded.
B) lead to the quantity demanded of fuel oil exceeding the quantity supplied.
C) decrease the demand for fuel oil.
D) increase the supply of fuel oil.
E) have no effect in the market for fuel oil.
B
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Measuring total production by valuing items at their market value allows us to
A) separate the value of different goods with identical prices. B) separate the value of different goods with different prices. C) add together the value of different goods that have different prices. D) add together the value of identical goods that have identical prices. E) ignore the problem that goods and services differ in how long they last.
If the average total cost and marginal cost are equal at a value of $30 and a quantity of 20,000, then the total cost increases with the production of one more unit
Indicate whether the statement is true or false
Joe is maximizing utility by consuming three colas at $2 apiece and four hot dogs. The last cola gave him 200 units of utility, and the last hot dog gave him 300 units of utility. The price of each hot dog is:
A. $1.00. B. $0.50. C. $3.00. D. $1.50.
Suppose that in 2018, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2018 is
A) $185 billion. B) $215 billion. C) $220 billion. D) $245 billion.