Usury laws are a form of price _____ and rent control is a form of price _____.
A. floor; floor
B. ceiling; ceiling
C. ceiling; floor
D. floor; ceiling
B. ceiling; ceiling
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An increase in the number of producers will:
a. increase the market supply, because the price will rise. b. increase the market supply only when market demand increases too. c. increase the market supply, because market supply is the sum of all individual supply curves. d. increase the market supply only if each supplier has an identical supply curve. e. decrease the market supply, because firms compete with each other and each firm will supply more.
Marginal analysis involves looking at the extra costs involved in a decision.
Answer the following statement true (T) or false (F)
Which of the following most accurately states the importance of technology as a source of economic growth for less-developed countries?
a. Restraints imposed by the slow advancements in modern technology have severely constrained the growth of less-developed countries. b. If modern technology was the only requirement for economic growth, less-developed countries would be growing rapidly. c. Most less-developed nations have the necessary complementary factors of production to make good use of modern technology if they could just afford the complex machines. d. While modern technology has increased the income levels in less developed countries, it has been unable to improve living standards.
To understand how the price of a good is determined in a free market, one must account for the desires of:
A. sellers. B. governmental agencies. C. buyers. D. buyers and sellers.