Without scarcity, people would not have to
a. share
b. collaborate
c. disagree
d. choose
e. settle
D
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In the above figure, the equilibrium price of a paperback book is $6 per book and the equilibrium quantity is 3 million books. The National Literature Board convinces the government to impose a price ceiling of $3 per book
At this price, the quantity of books supplied to the market will be A) 3 million a month and will equal the quantity demanded. B) less than 3 million a month and will exceed the quantity demanded. C) less than 3 million a month and will be less than the quantity demanded. D) more than 3 million a month and will exceed the quantity demanded.
The per capita GDP of a country is calculated by: a. dividing the total population of the country by its GDP
b. dividing the GDP of the country by its total population. c. multiplying the GDP of the country by its total population. d. adding the GDP of the country to its total population.
An increase in demand will cause an increase in price, which will cause an increase in quantity supplied
a. True b. False Indicate whether the statement is true or false
Relative to a single price monopolist, a price discriminating monopolist generates:
A. less total surplus. B. more total surplus. C. the same amount of total surplus, but less consumer surplus and more producer surplus. D. the same amount of total surplus, but more consumer surplus and less producer surplus.