When a price ceiling is set below the equilibrium price, quantity demanded will exceed quantity supplied resulting in
a. excess demand or shortages.
b. excess supply or surpluses.
c. equilibrium prices.
d. price controls.
a. excess demand or shortages.
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A vertical merger, like the merger of Seagate and Dell, would be attractive
a. only to Dell because it then avoids paying monopoly prices to Seagate. b. only to Seagate because it can then obtain two monopoly rents. c. to both Seagate and Dell but not to consumers who would find no difference in their welfare. d. to Seagate, Dell and consumers, all of whom would stand to benefit in some way.
An import tariff will cause the terms of trade of the ________ country to ________ and will ________ the country
A) importing; improve; benefit B) exporting; improve; benefit C) importing; suffer; harm D) exporting; improve; harm E) importing; improve; harm
Which of the following is a term for the total value of a firm's outstanding shares?
A) market value B) intrinsic value C) fair value D) fairness value
The supply curve does not:
A. represents producers' willingness and ability to sell. B. show the minimum price producers will accept for any given quantity. C. visually display the supply schedule. D. illustrate how consumers want to purchase goods and services.