If a price ceiling above the equilibrium price is imposed on gasoline, which of the following will result?
A. . There will be a surplus of gasoline.
B. . The quantity demanded will exceed the quantity supplied.
C. . The quantity supplied will exceed the quantity demanded.
D. . The quantity of gasoline demanded will equal the quantity of gasoline supplied.
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If the government establishes a legal price floor for a good, the result will be a(n):
A. . shortage of the good, but only if the floor is equal to the equilibrium price.
B. . surplus of the good, but only if the floor is above the equilibrium price.
C. . surplus of the good, but only if the floor is below the equilibrium price.
D. . shortage of the good, but only if the floor is above the equilibrium price.
A shortage will occur if
A. . a price ceiling is set above the equilibrium price.
B. . a price ceiling is set below the equilibrium price.
C. . a price floor is set above the equilibrium price.
D. . a price floor is set below the equilibrium price.
The cross-price elasticity of Toyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans are
A. . substitutes.
B. . complements.
C. . luxuries.
D. . Necessities.
If the price of one dozen eggs increases from $1.60 to $2.00, quantity demanded will decrease from 600 to 400. The elasticity of demand for eggs (using the mid-point formula) is
A. . 0.8.
B. . 1.8.
C. . 11.26.
D. . 1.9.
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