Because a price ceiling causes:
A. a shortage, some form of rationing must occur.
B. a surplus, some form of rationing must occur.
C. a shortage, the outcome will be efficient.
D. a surplus, the outcome will be inefficient.
A. a shortage, some form of rationing must occur.
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The U.S. federal income tax is progressive, which means that _____.
a. tax receipts grow at the same rate that income does b. tax receipts grow at the same rate that government spending does c. middle-income individuals pay more in taxes than either high-income or low-income individuals d. the tax rate decreases with increases in income e. high-income individuals are taxed at a higher rate than low-income individuals
An industry is in ________ if firms have an incentive to enter or exit in the ________ run.
A. equilibrium; long B. equilibrium; short C. disequilibrium; long D. disequilibrium; short