A price ceiling in the market for gasoline that is below the equilibrium price will lead to
A) the quantity demanded of gasoline exceeding the quantity supplied.
B) an increase in the demand for gasoline.
C) a decrease in the supply of gasoline.
D) the quantity supplied of gasoline exceeding the quantity demanded.
E) no change in the market since the price ceiling is below the equilibrium price.
A
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Which of the following is not a reason why some production continues in households?
a. Some household production requires many specialized resources b. The opportunity cost of household production has decreased over time c. Household production avoids taxes d. There have been important technological advances in household production e. Some households prefer the ability to control production
Open-access resources tend to be
a. conserved b. taxed c. overused d. efficiently used e. used in an environmentally sound manner