Suppose that the government places a price ceiling in the fish market, and that the ration coupons it issues are bought and sold on a ration coupon market before they are used to purchase fish. Then the
a. excess supply of fish will be eliminated
b. price of fish set by the price ceiling would fall
c. price of fish set by the price ceiling would rise
d. price ceiling must have been too low
e. purpose of that price ceiling would be defeated
E
Economics
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All points below the budget line are
A) inferior to every point on the budget line. B) preferred to every point on the budget line. C) affordable. D) Answers A and C are correct.
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A monopoly will maximize profits at the level of output at which
A) MR = MC. B) MR = AFC. C) MC = ATC. D) MC = P.
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