If a price ceiling above the equilibrium price is imposed on gasoline, which of the following will result?
A. a. There will be a surplus of gasoline.
B. b. The quantity demanded will exceed the quantity supplied.
C. c. The quantity supplied will exceed the quantity demanded.
D. d. The quantity of gasoline demanded will equal the quantity of gasoline supplied.
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A price ceiling is
A. a. a legal maximum price at which a good can be sold.
B. b. a legal minimum price at which a good can be sold.
C. c. typically equal to the equilibrium price of a good.
D. d. a price set by government that varies with market conditions.
A wage is the price for labor. A minimum wage set above equilibrium wage would be an example of:
A. a. a price ceiling.
B. b. a price floor.
C. c. a gap in prices or wages.
D. d. a wage settlement.
Tax incidence deals with
A. a. the level of taxable income.
B. b. the level of taxation on sales.
C. c. the dollar amount of incidental taxes.
D. d. who bears the burden of a tax.
Sellers pay more of a tax imposed on a good when
A. a. the demand for the good is more inelastic.
B. b. the supply of the good is more elastic.
C. c. the supply of the good is less elastic.
D. d. the supply of and the demand for the good have the same elasticity.
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