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.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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S In his farewell address to the nat x
oard.com/webapps/assessment/take/launch.jsp?course_assessment id= 329093 1&course_id= 179915 1&content_id= 9975195 18step=null
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.
Transcribed Image Text:S In his farewell address to the nat x oard.com/webapps/assessment/take/launch.jsp?course_assessment id= 329093 1&course_id= 179915 1&content_id= 9975195 18step=null 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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