Equilibrium prices will spontaneously establish themselves in a competitive market and will persist until which of the following things changes?

  Demand “C” represents a demand curve that is what?

A government can fix prices, such as a minimum or maximum price for a good or service which can create an aberrancy.  When the government fixes a price above the market rate what would be the most probable aberration?

A government can fix prices, such as a minimum or maximum price for a good or service which can create aberrancy.  When the government fixes a price below the market rate, what would be the most probable aberration?

Governments may subsidize farmers to guarantee them a certain price for product. What could be a problem with this?

Governments may subsidize companies to keep them in business. Why could this be problematic?

Which of the following is a likely result of the federal government fixing the price of a good below the equilibrium level?

Governments may subsidize companies to keep them in business. Why could this be problematic?

During the Industrial Revolution, England’s production methods and products underwent tremendous change. For example, textile mills replaced spinning wheels.  Which of the following statements best summarizes the broad economic consequences of these changes?

The size of the change in the quantity demanded of a good or service due to change in its price is measured by the elasticity of demand.  When the percentage of change in the quality demanded is greater than the percentage of the price change, the good is ______.