A surplus will result whenever the:
a. government imposes a price floor below the equilibrium price.
b. government imposes a price ceiling below the equilibrium price.
c. government imposes a price floor above the equilibrium price.
d. government imposes a price ceiling above the equilibrium price.
c
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Quantity demanded means
A) demand. B) the amount of a good customers need. C) the amount of a good customers ultimately desire. D) the amount of a good customers plan to purchase at a given price. E) the amount of a good suppliers plan to sell.
Which of the following determines the quantity demanded of a commodity?
a. The income levels of consumers b. The price of the commodity c. The prices of related commodities d. The number of buyers e. Consumers' expectations
According to Alfred Marshall, small firms produce a good more efficiently than a monopoly
Indicate whether the statement is true or false
The Soviet socialist economy fell apart primarily because:
A. it was based on barter rather than monetary exchange. B. markets failed to develop. C. workers lacked incentives to work and production was inefficient. D. individuals are not motivated by self-interest.