Refer to the market graph shown below. A black market where the price is $2.00 could result from price:
A. Ceiling set at $2.50
B. Ceiling set at $1.50
C. Floor set at $1.50
D. Floor set at $2.00
B. Ceiling set at $1.50
You might also like to view...
Lily has $10 to spend each week on fish and chicken. Fish costs $2 a serving and chicken costs $3 a serving. The table shows Lily's marginal utilities of fish and chicken. Lily will consume ________ servings of chicken and ________ of fish each week
A) 4; 0 B) 1; 3 C) 0; 5 D) 2; 2
Suppose that private saving is $1590 billion, investment is $1945 billion, and the current account balance is -$489 billion. From the uses-of-saving identity, how much is government saving?
A) -$134 billion B) -$844 billion C) $844 billion D) $134 billion
If the price elasticity of demand coefficient equals 2, this means a 10 percent increase in price will result in a 20 percent decrease in the quantity demanded
a. True b. False Indicate whether the statement is true or false
If the current price level was such that the aggregate quantity demanded exceeded the aggregate quantity supplied, we would expect:
A. inflation to occur. B. the aggregate demand curve to shift rightward. C. the aggregate demand curve to shift leftward. D. the aggregate supply curve to shift leftward.