Assume an industry initially in equilibrium has a price ceiling imposed at a price below the equilibrium price. Total revenue received by the producers from sales will:
a. rise as a result.
b. rise as a result only if supply is inelastic.
c. rise as a result only if demand is inelastic.
d. fall as a result.
Question 2
Which of the following would tend to increase aggregate demand, other things equal?
a. An increase in the money supply curve.
b. A decrease in the money supply curve.
c. An increase in the money demand cuvre.
d. Both a. and c. would tend to increase aggregate demand, other things equal.
Comparison of reactions at equilibrium and steady state
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