Refer to the diagram below illustrating the market for corn. If the price in this market is fixed at $2 per bushel, then:
A. Sellers will not be able to sell all the corn that they intended to sell
B. Sellers will quickly run out of corn that they bring to market
C. Buyers will find too much corn in the market
D. Buyers will be able to get as much corn as they wish to buy
Answer: B
Economics
You might also like to view...
Everything else held constant, a monetary expansion is characterized by ________ output and ________ interest rates
A) rising; rising B) rising; falling C) falling; rising D) falling; falling
Economics
A firm that has market power
A) can charge whatever it wants for its product. B) can charge a price above marginal cost. C) has positive economic profits. D) does not lose sales when increasing price.
Economics