Figure 4-2
Given the demand and supply conditions shown in , if the government imposes a price ceiling of a, indicate the quantity consumers would like to buy and the amount producers would be willing to supply.
a.
Consumers would want to buy t; producers would be willing to sell r.
b.
Consumers would want to buy r; producers would be willing to sell t.
c.
Consumers would want to buy t; producers would be willing to sell s.
d.
Consumers would want to buy s; producers would be willing to sell s.
a
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Which of the following economists is often credited with establishing the monetarist school of thought?
a. John Maynard Keynes b. Arthur Laffer c. A. W. Phillips d. Milton Friedman
Monetary and fiscal policymaking that is carried out in response to a pre-set rule and does NOT respond to changes in economic activity is known as
A. discretionary policymaking. B. nondiscretionary policymaking. C. active policymaking. D. Keynesian policymaking.