When the government controls the price of a product, causing the market price to be above the free market equilibrium price,
A) all producers gain.
B) both producers and consumers gain.
C) only consumers gain.
D) some, but not all, sellers can find buyers for their goods.
D
Economics
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Which supports the economist's claim that buyers don't compete against sellers?
A) Diners would rather have more restaurants to choose among. B) Music buyers prefer having access to internet music stores compared to only the local music shop in town. C) Car buyers prefer several dealerships in the region compared to only one. D) Homebuyers prefer a larger selection of homes to a smaller one. E) All of the above.
Economics
If velocity and output are fixed at 5 and 400, respectively, and the price level is 2, then the money supply is
A) 4,000. B) 200. C) 160. D) 40.
Economics