A shortage results when a
a. nonbinding price ceiling is imposed on a market.
b. nonbinding price ceiling is removed from a market.
c. binding price ceiling is imposed on a market

Increases in import spending _____________________, ceteris paribus

A) raise GDP B) lower GDP C) are always equal to decreases in exports D) may raise or lower GDP

Producing a differentiated product occurs in which of the following industries?

A) oligopoly, monopolistic competition, and perfect competition B) monopolistic competition only C) oligopoly only D) monopolistic competition and oligopoly