If you were a government official that wanted to raise the equilibrium price of milk, which of the following actions would you take?
a. Take milk from government storage and sell it.
b. Encourage farmers to produce more milk.
c. Subsidize purchases of dairy equipment.
d. Encourage farmers to produce less milk.
D
Economics
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An externality is_____
a. an unintended by-product of market exchange that is allocated outside the market system b. an intended by-product of market exchange that is allocated outside the market system c. an unintended by-product of market exchange that is allocated within the market system d. an intended by-product of market exchange that is allocated within the market system
Economics
The entry of new firms into a monopolistically competitive industry will cause the long-run equilibrium price to rise
a. True b. False Indicate whether the statement is true or false
Economics