In the above figure, CBL is the cost of breaking the law. If it is illegal to buy and sell, then the quantity of the good bought and sold will be

An increase in nominal GDP could result from an increase in

i. production. ii. prices. iii. subsidies. A) ii only B) i and ii C) i, ii, and iii D) i only E) i and iii

Using supply and demand analysis, customers will stand in line for gasoline when a price ceiling is in force, even if the price ceiling is at a level higher than the equilibrium price

a. True b. False Indicate whether the statement is true or false