When a price ceiling is set below the equilibrium price,
a. the quantity demanded will exceed quantity supplied.
b. the quantity supplied will exceed the quantity demanded.
c. the quantity supplied will equal the quantity demanded.
d. the equilibrium price will fall.
a. the quantity demanded will exceed quantity supplied.
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Which of the following acts prohibits directors of one company from sitting on the board of a competitor?
a. Sherman Act b. Federal Trade Commission Act c. Robinson-Patman Act d. Clayton Act
In the long run, monopolistically competitive firms have:
A. excess capacity. B. positive profits. C. minimal average costs. D. homogeneous production.
What are the effects of an increase in the minimum wage? Who would be most affected?
What will be an ideal response?
Refer to the information provided in Figure 23.10 below to answer the question(s) that follow.
Figure 23.10Refer to Figure 23.10. Unplanned inventories decrease and output increases when aggregate output is
A. < $1,000 million. B. $1,000 million. C. $1,160 million. D. $1,200 million.