Supply and Demand: Theory
What condition is necessary before ticket scalping is possible?
A __________ is a government-mandated maximum price __________ which legal trades cannot
Which of the following statements is true?
If the current market price is below equilibrium
it must be because the government has imposed a price ceiling.
there is a shortage of the product.
there is a surplus of the product.
demand must necessarily decrease to restore equilibrium.
a and b
If the price of good X is $40 and the price of good Y is $30, it follows that the relative price of one
unit of good X is