If the government imposes a maximum price that is above the equilibrium price,
this maximum price will have no economic impact.
Quantity demanded will be less than quantity supplied.
Demand will be greater than supply.
The available supply will have to be rationed with a non-price rationing mechanism.
When acquiring a ticket for a play takes a significant amount of time, the true economic cost of that ticket would include all of the following factors except:
The amount of time spent acquiring the ticket.
The utility provided by seeing the play.
The earning power of the person acquiring the ticket.
The purchase price of the ticket.
If pizza and hamburgers are substitutes, an increase in the price of hamburgers will cause a movement from Point B on demand curve D2 to:
Demand curve D1.
Demand curve D3.
Point A on demand curve D2.
Point C on demand curve D2.