If the government legislates a price ceiling that is above the equilibrium price
A. a shortage will develop.
B. some non-price method of rationing will develop.
C. market price and quantity sold will be unaffected.
D. a surplus will develop.
C. market price and quantity sold will be unaffected.
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The U.S. Department of Commerce has been developing so-called "green accounting" to: a. include the value of leisure in the gross domestic product (GDP) of the country. b. register the impact of pollution and natural resource depletion
c. value the output of new firms. d. illustrate the difference between nominal GDP and real GDP. e. measure the value of the output produced by inexperienced workers.
In imperfectly competitive markets, increasing production will decrease the price of all units sold. This concept is known as the
a. income effect. b. cost effect. c. output effect. d. price effect.