Refer to the figure above. Which of the following is likely to happen if a price control below the equilibrium price is imposed?
A) Quantity supplied will exceed quantity demanded.
B) Quantity demanded will exceed quantity supplied.
C) Consumer surplus will decrease.
D) Producer surplus will increase.
B
Economics
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The above figure shows a labor market with minimum wage equal to $16. In this figure, what area equals the resources lost because of job search?
A) area A B) area B C) area C D) area D E) area E
Economics
The more firms an oligopoly has,
a. the more likely it is to earn monopoly profits. b. the higher the price of the product. c. the farther the equilibrium quantity will be from the socially efficient quantity. d. the more likely the firms will charge a price close to the perfectly competitive price.
Economics