The presence of price controls in a market usually is an indication that
a. an insufficient quantity of a good or service was being produced in that market to meet the public's need.
b. the usual forces of supply and demand were not able to establish an equilibrium price in that market.
c. policymakers believed that the price that prevailed in that market in the absence of price controls was unfair to buyers or sellers.
d. policymakers correctly believed that, in that market, price controls would generate no inequities of their own.
C
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A Nash equilibrium is a set of strategies that are mutual:
a. best responses. b. dominant strategies. c. Pareto optima. d. all of the above.
The international equilibrium price is the point at which:
a. the domestic supply curve of one country intersects the domestic demand curve of another. b. the domestic demand and supply curves of a country intersects each other. c. the export supply curve of one country intersects the import demand curve of another. d. the domestic demand of the trading partners become identical. e. the domestic supply of the trading partners become identical.