When a price ceiling is set below the equilibrium price,
a. the quantity demanded will exceed quantity supplied.
b. the quantity supplied will exceed the quantity demanded.
c. the quantity supplied will equal the quantity demanded.
d. the equilibrium price will fall.
a. the quantity demanded will exceed quantity supplied.
Economics
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When productive activities are organized according to the principle of the division of labor
A) scarcity is eliminated. B) we do not devote enough resources for capital investment. C) total output increases due to the advantages of specialization. D) an inefficient outcome results.
Economics
An effective minimum wage will increase the quantity demanded of labor.
Answer the following statement true (T) or false (F)
Economics