In the U.S. economy, the quantity of donuts produced each day is determined by the
A) U.S. Food and Drug Administration.
B) U.S. Department of Health and Human Services.
C) Donut Association of America.
D) individual decisions of thousands of donut makers.
D
Economics
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What will be an ideal response?
Economics
Suppose the market supply is initially at S1 and a price ceiling is set at 8. If supply shifts from S1 to S2, then
A. The price ceiling will no longer bind.
B. The price ceiling will prevent output from changing.
C. The size of the shortage will increase.
D. The market will not reach equilibrium.
Economics