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Author Question: If the equilibrium price of widgets is 22, and then a price ceiling of 24 is imposed by the ... (Read 23 times)

mspears3

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  • Posts: 586
on: Jun 30, 2018
If the equilibrium price of widgets is 22, and then a price ceiling of 24 is imposed by the government, as a result,
 a. there will be no effect on the widget market.
  b. there will be a shortage of widgets.
 c. there will be a surplus of widgets.
 d. the price of widgets will increase.

Question 2

Paper money in the U.S. is:
 a. fiat money.
 b. more than half of M2.
 c. only partially backed by gold and silver in Fort Knox.
 d. convertible into specie (gold or silver) at the holder's request.


tofugiraffe

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

a


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