If the government imposes a price ceiling below the market equilibrium price, which of the following will result?

a. There will be a surplus of the good.
b. The quantity demanded will exceed the quantity supplied.
c. The quantity supplied will exceed the quantity demanded.
d. The demand curve will shift to the left.

b

Economics

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Which of the following statements about economic efficiency is not true?

a. Economic efficiency is equivalent to Pareto optimality. b. Economic efficiency can be determined normatively. c. Economic efficiency is superior to equity. d. Economic efficiency can be evaluated positively.

Economics

The commercial jetliner industry consisting of Boeing and Airbus would best be described as a (an)

a. perfectly competitive market. b. monopolistically competitive market. c. oligopoly. d. monopoly.

Economics