price ceiling is ( )
A. often imposed on markets in which “cutthroat competition” would prevail without a price ceiling.
B. a legal maximum on the price at which a good can be sold.
C. often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling.
D. All of the above are correct.
A price floor is ( )
A. a legal minimum on the price at which a good can be sold.
B. often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price floor.
C. a source of inefficiency in a market.
D. All of the above are correct.
When shortage exists in market, sellers ( )
A. raise price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated.
B. raise price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
C. lower price, which increases quantity demanded and decreases quantity supplied until the shortage is eliminated.
D. lower price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
The price elasticity of demand measures how much ( )
A. quantity demanded responds to a change in price.
B. quantity demanded responds to a change in income.
C. price responds to a change in demand.
D. demand responds to a change in supply.
When consumers face rising gasoline prices, they typically ( )
A. reduce their quantity demanded more in the long run than in the short run.
B. reduce their quantity demanded more in the short run than in the long run.
C. do not reduce their quantity demanded in the short run or the long run.
D. increase their quantity demanded in the short run but reduce their quantity demanded in the long run.
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