If a price ceiling of $8 were placed in the market in the graph shown:
A. a shortage of 23 would occur.
B. a shortage of 7 would occur.
C. a shortage of 8 would occur.
D. a shortage of 15 would occur.
Answer: A
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Answer the following questions true (T) or false (F)
1. The overall mortality rate in the United States has declined for the past 35 years. 2. Over time, people in the United States and other high-income countries have, on average, become taller, which is an indication that their nutritional status has improved. 3. A majority of people in the United States have private health insurance.
Answer the following statements true (T) or false (F)
1. In monopsony situations, a minimum wage might increase wage and employment levels. 2. Education is a form of human capital and it helps explain wage differentials. 3. Wage differentials are fully explained by differences in productivity and human capital among various workers. 4. There will be no principal-agent problem if a firm's owner (like a business consultant) does all the work of the firm.