Governments tend to set price ceilings:
A. to ensure everyone can afford certain goods.
B. to ensure producers make enough for everyone.
C. to ensure producers make enough profit to stay in the industry.
D. to prevent consumers from choosing the wrong goods.
A. to ensure everyone can afford certain goods.
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Use the above figure. Graph ________ correctly depicts the short-run Phillips Curve
A) A B) B C) C D) D
Being "unequal" is seen as a more serious calamity that being poor
Indicate whether the statement is true or false
Happy Cows is a dairy farm that is currently earning $75,000 in economic profit. The managers of Happy Cows are considering adding a second dairy farm, which will generate an additional $30,000 in economic profit. It is economically sound for the managers of Happy Cows to add the second farm if, after accounting for the managerial diseconomies, the first farm's economic profits exceed ________.
A) $35,000 B) $30,000 C) $45,000 D) $25,000
Assume that an oligopolist has a kinked demand curve. Suppose that the marginal cost curve passes through the gap in the marginal revenue curve. This means price and output will be shown by a point:
a. above the curve. b. below the curve. c. at the kink d. on the upper part of the curve. e. on the lower part of the curve.