A price ceiling refers to ________
A) the lowest price that a producer is willing to accept for a good
B) the highest price that a consumer is willing to pay for a good
C) the lower limit on the price of a good
D) the upper limit on the price of a good
D
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Which of the following is NOT likely to affect investment?
A) variations in expected output B) the nominal interest rate C) the real interest rate D) the tax treatment of depreciation allowances
In a perfectly competitive labor market, a profit-maximizing firm will hire labor up to the point at which the
a. wage rate = MRC b. wage rate < MRP c. wage rate = MRP d. wage rate > MRP e. wage rate = MP
The mental and physical capacity of workers to produce goods and services is known as:
A. labor. B. entrepreneurship. C. value judgment. D. product sensitivity.
This economic term or expression refers to markets and prices determining what gets bought and sold in our economy, seemingly almost automatically without interference or orders from anyone.
a) Consumer sovereignty b) Demand c) Invisible hand d) Capitalism e) Circular flow