Multiple Choice
If the current market price of good Z is below the equilibrium price of good Z
A) it must be because the government has imposed a price ceiling in the market for good Z.
B) there is a shortage of good Z.
C) there is a surplus of good Z.
D) demand must necessarily decrease to restore equilibrium.
E) a and b
Correct Answer:
Verified
Correct Answer:
Verified
Q6: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit
Q7: In order for a price floor to
Q8: The minimum wage is a good example
Q9: Which of the following is true?<br>A) Buyers
Q10: Which of the following is false?<br>A) When
Q12: Suppose the government imposes a price ceiling
Q13: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit
Q14: There are two goods in the economy:
Q15: If the minimum wage is set above
Q16: What condition is necessary for a price