A price ceiling that is set above the equilibrium price:
A. will have no effect on the market.
B. will lead to a black market.
C. will lead to excess supply in the market.
D. will lead to excess demand in the market.
Answer: A
Economics
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Suppose the population of the U.S. is 300 million people. Of these, the U.S. Bureau of Labor Statistics classifies 70 million people as "not surveyed," 80 million people as not in the labor force, and 144 million as employed. What would be the unemployment rate in this example?
Select one: a. 2% b. 4% c. 6% d. 8%
Economics
Which of the following terms refers to price elasticity of demand calculated over a range of prices?
A. Unit elasticity B. Cross-price elasticity of demand C. Point elasticity of demand D. Arc elasticity of demand
Economics