QUESTION 1 Which of the following will occur if the government attempts to keep the price of a product below its market-clearing price O Sellers will not offer as much of the good for sale as buyers would like to buy resulting in a shortage of the good. O Sellers will offer more of the good for sale than buyers wish to purchase resulting in a surplus of the good. O Consumers will be made much better off because they will be able to buy all of the good that they want at a lower pr O Sellers will eventually make them available free for everyone.
QUESTION 1 Which of the following will occur if the government attempts to keep the price of a product below its market-clearing price O Sellers will not offer as much of the good for sale as buyers would like to buy resulting in a shortage of the good. O Sellers will offer more of the good for sale than buyers wish to purchase resulting in a surplus of the good. O Consumers will be made much better off because they will be able to buy all of the good that they want at a lower pr O Sellers will eventually make them available free for everyone.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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QUESTION 1
Which of the following will occur if the government attempts to keep the price of a product below its market-clearing price?
O Sellers will not offer as much of the good for sale as buyers would like to buy resulting in a shortage of the good.
O Sellers will offer more of the good for sale than buyers wish to purchase resulting in a surplus of the good.
O Consumers will be made much better off because they will be able to buy all of the good that they want at a lower pri
O Sellers will eventually make them available free for everyone.
QUESTION 2
John Maynard Keynes was:
O A staunch defender of free trade and limited government.
A defender of Say's Law.
O An advocate of government spending and money manipulation in an effort to promote economic prosperity.
O In favor of laissez faire.
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