Price ceilings cause
a. Some suppliers to drop out of the market
b. A decrease in the total production in the market
c. The creation of black markets
d. All the above
d
Economics
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The wheat growing industry consists of very many farmers producing identical products. The market structure that best fits the wheat growing industry is probably
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Economics
The difference between a tariff and a quota is that the tariff revenue goes to the
A) domestic government. B) holder of the quota license. C) foreign government. D) domestic consumer. E) domestic producer.
Economics