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lmalma lmalma
wrote...
Posts: 491
5 years ago

Question 1.

Which of the following statements about a price system is TRUE?
I.Prices ration goods and services.
II.Prices indicate relative scarcity.


• I only

• II only

• Both I and II

• Neither I nor II

Question 2.

A price floor above the market clearing price typically results in
I.an excess quantity supplied
II.a shortage
III.an excess quantity demand


• I only

• II only

• III only

• II and III only
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
Read 65 times
2 Replies
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Answer verified by a subject expert
antheadanthead
wrote...
Posts: 408
5 years ago
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lmalma Author
wrote...
5 years ago
Thanks for your help!
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