If the government sets a minimum price at which a good or service can be sold, it thereby creates
A) a price ceiling.
B) a black market price.
C) a price floor.
D) an illegal price control.
C
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In a perfectly competitive market, a permanent increase in demand initially brings a higher price, economic
A) loss, and entry into the market. B) loss, and exit from the market. C) profit, and entry into the market. D) profit, and exit from the market.
One weakness of the Sherman Act is that
A) it fails to clearly define restraint of trade. B) it applies only to foreign monopolies. C) it applies only to the steel and railroad industries. D) none of the above.
An exchange rate depreciation appears to consumers as a markdown on foreign products
a. True b. False Indicate whether the statement is true or false
Which of the following is most likely to increase long-run aggregate supply in an economy?
What will be an ideal response?