Refer to Table 2-2. Assume Nadia's Neckties only produces ascots and bowties. Nadia faces ________ opportunity costs in the production of ascots and bowties

Arriving at a decision by comparing total costs and total benefits is called marginal analysis

Indicate whether the statement is true or false

If a price ceiling is set above the current market clearing price, then

A. there will be incentives for black markets to develop. B. a shortage must immediately occur. C. a surplus must immediately occur. D. quantity demanded will remain equal to quantity supplied at the current market clearing price.