Anjj asked in Social ScienceEconomics · 4 months ago

Help economic!?

Which of the following is a correct statement?

A. Price ceilings increase demand

B. Price ceilings create surpluses

C. Price floors create surpluses

D. Price floors increase supply

Economists assume that other things are equal when representing the law of supply and demand, meaning that marginal cost equals marginal benefit.

A. true

B. false

An increase in the price of product G will result in a(n):

A. Increase in the demand for G

B. Decrease in the demand for G

C. Larger quantity of G demanded

D. Smaller quantity of G demanded

A decrease in the prices of resources for producing a product will increase the supply of the product.

A. true

B. false

Which would cause an increase in the supply of a product at a given price?

A. An increase in the price of the product

B. An increase in the costs of producing a substitute product

C. An increase in the costs of producing a complementary product

D. A reduction in the cost of resources to produce the product

f an increase in consumer incomes causes the demand curve for product Z to shift to the left, then it can be said that product Z is a(n):

A. Normal good

B. Luxury good

C. Inferior good

D. Inexpensive good

3 Answers

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  • kswck2
    Lv 7
    4 months ago

    Both your questions look like homework questions. If WE anwser them how would You learn? 

  • Oiy
    Lv 6
    4 months ago

    i would go for A.

  • JuanB
    Lv 7
    4 months ago

    C. Price floors create surpluses

    Like all economic questions you need to draw it first and you can see the answer.  You don't even have to know the answer, just draw it.  Which you are likely going to have to do on a test anyway.  

    And it isn't A, you move along the demand curve, not increase demand.

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