Assume no price ceiling exists in a market. Then a price ceiling is established below the market equilibrium. What would result?
a. The exchange price
b. Equilibrium
c. Shortage
d. Surplus
c
Economics
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Refer to the scenario above. If they are the only bidders in the auction and each bidder bids up to his value for the good, the winner will earn a surplus of ________
A) $500 B) $625 C) $125 D) $150
Economics
Lowering a fixed exchange rate by a government is called a(n) __________ of that rate
A) devaluation B) revaluation C) appreciation D) depreciation
Economics