If a government imposed price ceiling legally sets the price of beef below market equilibrium, which of the following will most likely happen?
a. The quantity of beef demanded will decrease.
b. The quantity of beef supplied will increase.
c. There will be a surplus of beef.
d. There will be a shortage of beef.
D
Economics
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Efficiency and equity are synonymous.
Answer the following statement true (T) or false (F)
Economics
If you paid $100 for a truckload of cabbage on Monday, how much should you be willing to sell it for on Friday, the day before it spoils?
a. $100 b. $100 plus normal accounting profit c. $50 because it has lost value since Monday d. whatever you can get for it
Economics