Summing up governmental intervention in the pricing of goods, we can say it
a. occurs only under wartime conditions
b. has grown considerably during the past two decades and now characterizes the majority of our markets
c. has peaked in the 1970s and now has only a shadow of its former influence
d. occurs in relatively few markets because most market prices are determined by the forces of demand and supply
e. occurs only in the production of farm goods
D
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The above figure shows the apartment rental market in Bigtown. If severe flooding resulted in the destruction of many of the city's apartment buildings, then the
A) supply curve of apartments would shift leftward and rent would rise above $750.00. B) demand curve for apartments would shift rightward and rent would rise above $750.00. C) equilibrium quantity of apartments rented would increase beyond 3,000. D) equilibrium market price of apartments rented would fall below $750.00.
Supply curves are positively-sloped because of:
a. the inefficient allocation of resources. b. the law of increasing returns. c. the increasing opportunity cost of resources. d. self-interested suppliers seeking economic profit. e. economies of scale.