An example of a price floor is
a. the regulation of gasoline prices in the U.S. in the 1970s.
b. rent control.
c. the minimum wage.
d. any restriction on price that leads to a shortage.
c
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In economics, the short run is the time frame in which the quantities of ________ and the long run is the period of time in which ________
A) some factors of production are variable; the quantities of all factors of production are fixed B) all factors of production are variable but technology is fixed; technology is variable C) all factors of production are fixed; the quantities of all factors of production can be varied D) some factors of production are fixed; the quantities of all factors of production can be varied
Refer to Scenario 13.16. If Gooi moves first, the payoff in equilibrium will be
A) $150, $0. B) $150, $300. C) $400, $150. D) $50, $50. E) $650, $450.
Which is the most accurate statement about the Personal Responsibility and Work Opportunity Act of 1996?
A. The decline in the welfare rolls since the mid-to-late 1990s was due entirely to this law. B. This law was directly responsible for throwing millions of the poor out on the street. C. The law validated President Clinton's promise "to put an end to welfare as we know it." D. The law had very little success in removing people from the welfare rolls.
An imperfectly competitive firm is one that:
A. seeks to maximize revenue. B. has at least some influence over the market price. C. charges any price it wants. D. faces a perfectly inelastic demand curve.