The cross-price elasticity of Toyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans are
A. a. substitutes.
B. b. complements.
C. c. luxuries.
D. d. Necessities.
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A shortage will occur if
A. a. a price ceiling is set above the equilibrium price.
B. b. a price ceiling is set below the equilibrium price.
C. c. a price floor is set above the equilibrium price.
D. d. a price floor is set below the equilibrium price.
If the government establishes a legal price floor for a good, the result will be a(n):
A. a. shortage of the good, but only if the floor is equal to the equilibrium price.
B. b. surplus of the good, but only if the floor is above the equilibrium price.
C. c. surplus of the good, but only if the floor is below the equilibrium price.
D. d. shortage of the good, but only if the floor is above the equilibrium price.
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.
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.
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