The presence of price controls in a market usually is an indication that
a. an insufficient quantity of a good or service was being produced in that market to meet the public's need.
b. the usual forces of supply and demand were not able to establish an equilibrium price in that market.
c. policymakers believed that the price that prevailed in that market in the absence of price controls was unfair to buyers or sellers.
d. policymakers correctly believed that, in that market, price controls would generate no inequities of their own.
C
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Sabrina is a college professor in Houston, Texas who earns a salary of $95,000. She is single, just put down $25,000 on a new townhouse, and has no children. Explain if Sabrina has any way of reducing her payroll taxes or her personal income tax
What will be an ideal response?
The per se criterion was an antitrust law guideline that emphasized ________ over ________
a. price; quantity b. quantity; price c. law; the economy d. size; behavior e. behavior; size
Refer to the information provided in Figure 7.11 below to answer the question(s) that follow. 
Figure 7.11
Refer to Figure 7.11. If the firm's cost of capital is $30 per unit and its cost of labor is $60 per unit, the isocost line represents a total cost of
A. $2,000. B. $3,000. C. $6,000. D. $8,000.
If elasticity of demand is 0.7, elasticity of supply is 0.7, and a 5 percent excise tax is levied on the good:
A. the tax burden on consumers will be greater. B. the tax burden will be the same for both. C. the tax burden on suppliers will be greater. D. one cannot say who will bear the greater burden without knowing the tax.