In a perfectly competitive market, marginal revenue is the same as the market price

Demand-pull inflation can result when

A) policymakers set an unemployment target that is too high. B) a persistent budget deficit is financed by selling bonds to the public. C) a persistent budget deficit is financed by selling bonds to the central bank. D) workers get numerous wage increases.

If a government imposed price ceiling legally sets the price of beef below market equilibrium, which of the following will most likely happen?

a. The quantity of beef demanded will decrease. b. The quantity of beef supplied will increase. c. There will be a surplus of beef. d. There will be a shortage of beef.