C reconstruction to never occur d reconstruction to

This preview shows page 11 - 25 out of 71 pages.

C) reconstruction to never occur.D) reconstruction to take less time because the
A price ceiling typically results inI.Excess demandII. Excess supplyIII. Entry of new producers
Which of the following is NOT a predictable result of a price ceiling?
The demand for orthodontists falls as the proportion of the population that obtain braces falls. It may take several years before the new long—run equilibrium for the orthodontic labor market is attained. In the meantime, the orthodontic labor market experiences a
A shortage creates a situation that forces prices to while a surplus creates a situation that forces prices toA)decrease; increaseB) decrease; decreaseC)increase; decreaseD) increase; increase
Assume that the market clearing price for a shirt is $20, but that the maximum price that can be charged is $15. This is an example of
Price controls often generate
Prices in a market economy perform a rationing function because they reflect
An example of a black market isA)retail markets.B) discount markets.C)scalping tickets.D) bartering.
In the former Soviet Union, members of the Communist Party could obtain some goods that others could not get. This is an example of rationing on the basis of
A price ceiling is
In a freely operating market, queuing is likely to occur when the demand characteristics of the market
A price floor that is set above market equilibrium usually will causeA)an excess demand.B) a shortage.C) a surplus.D) queuing on the part of consumers.
Other things being equal, a higher price induces

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture