Refer to the above figure. A price control has been set which has led to a shortage. This means that a
A) price ceiling has been set at P1.
B) price floor has been set at P1.
C) price ceiling has been set at P2.
D) price floor has been set at P2.
C
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Although some tastes do change over time, economists believe that tastes are relatively stable. If tastes were not mostly stable, then we
a. could not even draw a supply curve b. could not reasonably make the other-things-constant assumption required for demand analysis c. would not have any concerns about still drawing demand curves d. could no longer eat food e. would be basing economic models on real life instead of making impossible assumptions
Whenever a nation is producing on its PPF, that nation will be using all of its available resources
a. True b. False Indicate whether the statement is true or false
If a manager adopted both project A and project B simultaneously, the expected value of this joint project would be:ProjectBoom (25%)Recession (75%)A$30-$15B-$15$20
A. $7.50. B. $11.25. C. $0. D. ?$3.75.
Changes in the Lorenz curve since 1929 in the United States indicate that
A) the distribution of income today is identical to what it was in 1929. B) the distribution of income is slightly less equal today than in 1929. C) the distribution of income is slightly more equal today than in 1929. D) the distribution of income is much more equal today than it was in 1929.