In a competitive market, the market demand is Qd = 70 – 3P and the market supply is Qs = 6P. A price ceiling of $4 will result in a
Multiple Choice Quizzes with Answer in English (Page: 417)
Jane pays the market price of $69 for….
When government imposes a price floor above the market price, the result will be that
The word ‘imbibe’ means –
The word ‘homogeneous’ means –
Producer surplus is measured as the area
If supply increases, then the
If demand increases, then the
The minimum wage
A floor price is
When an effective price ceiling is in place
Under a price ceiling, the full economic price is
A price ceiling is
Competitive market equilibrium
When quantity demanded exceeds quantity supplied
Producer surplus is the
If an excise tax is imposed on a good, then the supply curve
The supply function
If firms expect prices to be higher in the future and the product is not perishable, then
An ad valorem tax shifts the supply curve