Suppose the equilibrium price of milk is 3 per gallon but the federal government sets the market price at 4 per gallon. The market mechanism will force the milk price back down to 3 per gallon unless the government:
A) rations the excess demand for milk among consumers.
B) buys the excess supply of milk and removes it from the market.
C) Both A and B are plausible actions.
D) The government cannot maintain the price above the equilibrium level.
Question 2
If leisure is a normal good, then the income effect of a decrease in wage will
A) decrease the number of hours worked.
B) increase the number of hours worked.
C) decrease the number of leisure hours.
D) increase the sum of leisure plus hours worked.
The tone of the nurse-patient introduction sets the stage for the patient interview and patient care
In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it.
A cancerous tumor growing within the milk gland.
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