If the price ceiling is set above the equilibrium price,
A. there will be a surplus.
B. there will be a shortage.
C. quantity demanded will equal quantity supplied.
D. demand will be less than supply.
C. quantity demanded will equal quantity supplied.
Economics
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When we say supply curves become more elastic over time, we mean
A) the quantity supplied becomes independent of demand. B) any price change has a larger affect on quantity supplied. C) the supply curve becomes steeper. D) the supply curve shifts upward.
Economics
Refer to the above figure. Profits will equal zero
A) when the price equals $1. B) when the price equals $2. C) when the price equals $4. D) at prices between $1 and $2.
Economics