The removal of a price ceiling in a market results in:
a. an increase in the market price.
b. a shortage in the market.
c. over-production of the commodity and a surplus.
d. a fall in the market price.
e. abnormal profits for producers.
a
Economics
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In the figure above, a price of $15 per dozen roses results in
A) a shortage. B) a surplus. C) equilibrium. D) downward pressure on the price of roses. E) an eventual leftward shift of the demand curve and/or rightward shift of the supply curve.
Economics
In the figure above, which budget line results in the most real income in terms of compact discs?
A) AD B) BD C) CD D) Real income is equal for all three budget lines.
Economics