A price floor on corn would have the effect of

a. creating a surplus regardless of the level at which the price floor is set
b. creating a surplus supply when the floor is above the equilibrium price
c. creating a shortage when the price floor is set below the equilibrium price
d. creating a shortage regardless of where the price floor is set
e. ensuring a more equitable distribution of the good among consumers


B

Economics

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Many developing countries make the government budget one of the primary tools of long-run industrial development, with the government owning and operating industries such as steel mills, airlines, and phone companies

Indicate whether the statement is true or false

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The large influx of immigrant families between 1860 and 1910 caused the total population to grow at a faster rate than the work force

Indicate whether the statement is true or false

Economics

Refer to the table below. If this market is a Cournot Oligopoly and Firm X is produces 50 units, what is Firm Y's marginal revenue at a price of $60?



The table above shows the market demand for a product that both Firm X and Firm Y manufacture. Both firms produce an identical product and the firms' average total and marginal cost are equal and constant.

A) $40 B) $60 C) $70 D) $50

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A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65 . In the long run, the firm should

a. Shut down since price is greater than average cost b. Continue operating price is higher than average cost, its making a profit c. Continue operating as the firm is covering all the variable costs and some of the fixed costs d. Shut-down because it is cost effective to pay off the remaining fixed costs

Economics