Multiple Choice
In the figure given below,which of the following is true at the price ceiling,P?
A) Excess quantity supplied equals 300 gallons.
B) Excess quantity demanded equals 300 gallons.
C) Excess quantity supplied equals 500 gallons.
D) Excess quantity demanded equals 800 gallons.
E) Quantity demanded will be equal to quantity supplied.
Correct Answer:
Verified
Correct Answer:
Verified
Q12: When suppliers of a good that can
Q13: Which of the following is likely to
Q14: Demand for an inferior good decreases as
Q15: When a surplus arises in the market
Q16: Which of the following is most likely
Q18: Producers supply larger quantities of any good
Q19: Two goods are considered substitutes only if
Q20: The figure given below shows the supply
Q21: There are three consumers in the market
Q22: The equilibrium point represents the only price-quantity