EBK ESSENTIALS OF ECONOMICS
8th Edition
ISBN: 8220103599832
Author: Mankiw
Publisher: Cengage Learning US
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Question
Chapter 6, Problem 5CQQ
To determine
The reason for the increase in quantity supplied, increase in quantity demanded, and decrease in the consumer
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If a municipality sets a price ceiling below equilibrium for apartments in New York City,
Select one:
a. the price ceiling will create a surplus of apartments
b. the price ceiling will create a shortage of apartments
c. the price ceiling will not affect the market for apartments
d. the market for more broadway plays will increase
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In the market for Widgets, the equilibrium price is $ 20 and the equilibrium quantity is 5000 Widgets, which of the following statements is FALSE?
A.
None of the above
B.
If the government sets a price ceiling at $ 15 companies will increase the quantity supplied
C.
If the government sets the price floor for widgets at $ 25 there will be a surplus of widgets in the market
D.
If the price ceiling is set at $ 15 there will be a shortage of Widgets in the market
Chapter 6 Solutions
EBK ESSENTIALS OF ECONOMICS
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