A price ceiling represents
A) a maximum price that can be legally charged for a product or service.
B) a minimum price that can be legally charged for a good or service.
C) a lottery imposed upon producers by the government.
D) a first come, first served mechanism for controlling prices.
A
Economics
You might also like to view...
The price of a PC falls or the price of an MP3 download rises? (Draw the diagrams!)
What will be an ideal response?
Economics
A firm charging prices below marginal cost is said to be engaged in
A) price fixing. B) predatory pricing. C) a cartel. D) irrational behavior.
Economics
In a game, which strategic choice is called a dominant strategy?
Economics
Refer to Figure 10.4. If the market was a monopoly, the consumer surplus would be:
A. $625. B. $450. C. $300. D. $225.
Economics