A price ceiling below the market clearing price results in
I. excess quantity demand
II. excess quantity supplied
III. entry of new producers
A) I only
B) II only
C) III only
D) Both I and III
Answer: A
Economics
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Four points on a demand schedule are given: $12, 2 units; $10, 1 unit; $15, 1.5 units; and $2, 4 units. Which combination is inconsistent with the law of demand?
A) $12 and 2 units B) $10 and 1 unit C) $15 and 1.5 units D) $2 and 4 units
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What measure of economic well-being is most often used?
a. gross domestic product b. gross domestic product per capita c. nominal gross domestic product per capita d. real gross domestic product per capita
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