Satellite television subscription and television detection devices are ways in which broadcasting companies address the ________ problem?
A good example of a public good is ?
Market failure may arise because of ?
If my neighbour burns garden waste causing my house to fill with smoke this is an example of ?
A competitive equilibrium is Pareto-efficient because ?
In the insurance industry, high-risk customers are more likely to take out insurance. This is an example of ?
In Nash equilibrium each player chooses the best strategy ?
When a market is contestable, incumbent firms must __________ to avoid the entry of new competitors?
All of the following are types of imperfect competition except ?
Tax shifting ?
Which of the following is the government most likely to subsidies ?
The government is considering placing a tax on cigarettes to raise revenue to finance health-care benefits. The demand for cigarettes is price inelastic Which of the following statements is True ?
An example of an indirect tax is ?
If a government were to fix a minimum wage for adult workers, economists would predict ?
In a free market system rationing occurs when there are increases in ?
Economics say that there has to be some from of rationing whenever ?
If a maximum price is set below equilibrium there will be ?
A public good ?
Agricultural prices tend to be unstable because ?
If the price in a market is fixed by the government above equilibrium ?
A positive externality occurs when ?
Income inequality can be high in the free market and should be reduced This is an example of What ?
A decrease in demand for a products should ?
A shift in demand will have more effect on price than quantity if ?
The price mechanism does not act as a ?
The price mechanism cannot ?
A subsidy paid to producers ?
If the price was fixed below the equilibrium price there would be ?
A shift in supply will have a bigger effect on price than output if demand is ?
An increase in income will ?
An inferior good is one for which an increase in income causes a(n) ?
Suppose consumer tastes shift toward the consumption of apples Which of the following statements is an accurate description of the impact of this event on the market for apples ?
Which of the following statements is true about the impact of an increase in the price of lettuce ?
Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect?
An increase (rightward shift) in the demand for a good will tend to cause ?
If the price of good is below the equilibrium price ?
All of the following shift the supply of watches to the right except ?
A monopolistic market has ?
The law of supply states that an increase in the price of a good ?
If an increase in the price of blue jeans leads to an increase in the demand for tennis shoes, then blue jeans and tennis shoes are ?
The problem posed by a natural monopoly is that it faces a ___ This means that _______?
If two firms doing the same thing in the same industry join together, this is known as a ?
The social costs of monopoly power arises because ?
The effect of a tax to offset a negative externality will be to ____ price and ______ quantity?
Taxes creates a wedge between the sales price and purchase price that prevents the price system equating ____ and ______?
Except for taxes to offset ____ taxes are ______?
If the consumption of good by one person does not reduce the quantity available by others and nobody can be easily excluded from consumption, we are referring to a ?
Markets sometimes fail to exist because of________?
Externalities arise because there is a divergence between _ and _________?
The allocation of resources is not efficient if ?
We cannot say whether one allocation of resources is better than another allocation because ?

A price ceiling is ?

A. a maximum price usually set by government that sellers may charge for a good
B. the different between the initial equilibrium price and the equilibrium price after a decrease in supply
C. a minimum price usually set by government that sellers must charge for a good
D. a minimum price that consumers are willing to pay for a good.

Correct Answer: a maximum price usually set by government that sellers may charge for a good ✔

Last Updated: June 18, 2019