A binding price ceiling i. causes a surplus. ii. causes a shortage. iii. is set at a price above the equilibrium price. iv. is set at a price below the equilibrium price
a. (ii) only
b. (iv) only
c. (i) and (iii) only
d. (ii) and (iv) only
d
Economics
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A firm's long-run average cost curve is derived from a series of short-run average total cost curves
Indicate whether the statement is true or false
Economics
As the price of good X increases from $5 to $8, quantity demanded falls from 100 to 80. Based upon this information we can conclude that the demand for X is
A) elastic. B) inelastic. C) unit inelastic. D) insufficient information for judgment.
Economics