Individuals, firms, and government agencies deplete clean water and clean air because
A. they are excludable resources.
B. the cost of doing so has no impact on the environment.
C. they are nondepletable.
D. there is little to no charge in accessing these resources.
Answer: D
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A price ceiling imposed below the equilibrium price ______
A. creates a black market in which the price might equal or exceed the equilibrium price B. creates a black market in which the price equals the price ceiling C. leads to increased search activity, which reduces the shortage of the good D. increases the demand for the good, which makes the shortage even larger
A surplus occurs whenever
A. price is above the equilibrium price. B. price is below the equilibrium price. C. price is equal to the equilibrium price. D. the supply curve is downward sloping.