Refer to the figure above. After the demand curve shifts to D2, if the price is held below the new equilibrium, then:
A) the quantity demanded will equal the quantity supplied.
B) the quantity demanded will be greater than the quantity supplied.
C) the quantity demanded will be less than the quantity supplied.
D) there will be zero deadweight loss.
B
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Indicate whether the statement is true or false
Immediately following the Revolution, in the 1780s,:
a. indigo was the most important U.S. export (in terms of dollar value). b. Spain placed severe restrictions on trade between its colonies and the U.S. c. the U.S. became the main provider of shipping services for the French and West Indies. d. Great Britain eliminated tariffs on rice and tobacco.