In a market in which the government has set a price ceiling below the equilibrium price:
A. the quantity demanded will equal quantity supplied.
B. there will be excess supply.
C. quantity supplied will exceed quantity demanded.
D. a black market might develop.
Answer: D
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The table above shows the marginal benefit from pizza and the marginal cost of pizza in cans of soda forgone. The allocatively efficient quantity of pizza is ________ pizzas per day
A) 70 B) 10 C) more than 70 D) 40
To promote rapid economic growth, the new growth theory would argue for increased scholarships in
a. women's studies. b. deconstructionist literature. c. post-modern sociology. d. biology.
Which statement is true?
A. All monopolies are large firms. B. The monopolist produces a product similar to its competitors. C. There is no such thing as a natural monopoly. D. There are no close substitutes for a monopolist's product.
You are the manager of a monopoly that faces a demand curve described by P = 63 ? 5Q. Your costs are C = 10 + 3Q. Your firm's maximum profits are:
A. 0. B. 170. C. 66. D. 120.