Refer to the figure above. Suppose all the sellers in this market started out charging a price of $45 per unit. What is the most likely result? A.They would all just break even because $45 is their reservation price. B.They would all make a large profit because $45 is more than t … 阅读详情>> "Refer to the figure above. Suppose all the sellers in this market started out charging a price of $45 per unit. What is the most likely result?"

Refer to the figure above. Now suppose that the government imposes a price ceiling of $40. What is the most likely result? A.There would be no change in the price. B.An underground, or black, market would emerge where this product would be sold at a price above $40. C.Many seller … 阅读详情>> "Refer to the figure above. Now suppose that the government imposes a price ceiling of $40. What is the most likely result?"

The tendency of markets to automatically gravitate toward equilibrium is an application of which core principle? A.The Incentive Principle B.The Scarcity Principle C.The Principle of Comparative Advantage D.The Cost-Benefit Principle 正确答案：The Incentive Principle

Which of the following is NOT a characteristic of governmental rent controls? A.Fewer newly built apartment buildings. B.Excess demand for apartments. C.Very low vacancy rates. D.Equitable distribution of apartments. 正确答案：Equitable distribution of apartments.

Minimum wage laws are an example of: A.mandated equilibrium wages. B.comparative advantage for unskilled workers. C.a regulated price. D.a price ceiling. 正确答案：a regulated price.

Suppose one knows two facts: first, the market for prescription drugs experiences chronic shortages and second, government sets the price for prescription drugs. One can conclude that the: A.buyers are hoarding prescription drugs. B.government has set the price below the equilibr … 阅读详情>> "Suppose one knows two facts: first, the market for prescription drugs experiences chronic shortages and second, government sets the price for prescription drugs. One can conclude that the:"

A regulated maximum price that is above the equilibrium price: A.will lead to excess supply in the market. B.will have no effect on the market. C.will lead to black markets. D.will lead to excess demand in the market. 正确答案：will have no effect on the market.

In a market where government has set the maximum price below the equilibrium price, one might expect: A.quantity supplied to surpass quantity demanded. B.excess supply. C.a black market to develop as individuals try to take advantage of unexploited opportunities. D.quantity deman … 阅读详情>> "In a market where government has set the maximum price below the equilibrium price, one might expect:"

According to the textbook, government price controls fail because: A.firms ignore the restrictions. B.legislation cannot repeal basic economic motives. C.they are not enforced. D.bureaucrats lack accurate market data. 正确答案：legislation cannot repeal basic economic motives.

A movement along a demand curve from one price-quantity combination to another is called: A.a change in quantity supplied. B.a change in quantity demanded. C.a shift in the demand curve. D.a change in demand. 正确答案：a change in quantity demanded.

”As the price of personal computers continues to fall, demand increases.” This headline is inaccurate because: A.a change in the price of personal computers shifts the supply curve. B.the statement is backwards: increased demand leads to lower prices. C.a falling price for person … 阅读详情>> "”As the price of personal computers continues to fall, demand increases.” This headline is inaccurate because:"

An increase in the quantity demanded of tea occurs whenever: A.tea drinkers receive an increase in their incomes. B.the population of tea drinkers grows. C.the price of coffee rises. D.the price of the tea falls. 正确答案：the price of the tea falls.