?Strawberries (pounds) 
Consider the above table. If the government imposes a price ceiling on strawberries of $8 per pound, what would be the likely result?
A. Market equilibrium will be reached.
B. a surplus of 2,000 pounds of strawberries on the market
C. a shortage of 2,000 pounds of strawberries on the market
D. The quantity demanded of strawberries would fall to zero.
Answer: A
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Suppose the government imposes a tax that reduces the quantity sold in the market after the tax to Q2. The price that sellers receive is
A. P0. B. P2. C. P5. D. P8.
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When an economy experiences hyperinflation, it has:
A. extremely long-lasting and painful increases in the price level that encourages economic growth. B. extremely long-lasting and painful increases in the price level that slows economic growth. C. a long period of stagnant economic growth, and inflationary tactics are used by the government to raise prices. D. a long period of low, steady inflation that aids in economic growth.
Fill in the blanks. Which of the following has been found by researchers in surveys of consumers? Most people consider it _________ for firms to raise their prices following an increase in costs ____________ to raise prices following an increase in demand.
a. fair; and fair b. fair; but unfair c. unfair; but fair d. unfair; and unfair