The government places a price control on navel oranges, saying that stores cannot charge more than $1 per pound. Considering this, which of the following would be the most likely result?
a. grocery stores having crates of rotting navel oranges
b. grocery stores running out of navel oranges
c. grocery stores selling the usual amount of navel oranges
d. grocery stores giving away navel oranges to charities
b. grocery stores running out of navel oranges
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Refer to Table 17-2. What is the profit-maximizing quantity of labor that the firm should hire?
A) 5 units B) 4 units C) 3 units D) 2 units
Explain how the market for opticians is affected as a result of the development of laser technology which reduces the demand for glasses and contact lenses
In your explanation be sure to show the connection between the market for glasses and contact lenses and the market for opticians.
Which of following is not a condition that must be met for a cartel to maximize its joint profits?
A) Total output by the cartel must be allocated among the member firms such that the individual firm's marginal costs are equal. B) The cartel must produce the level of output at which its marginal revenues and marginal costs are equal. C) The cartel must be operating in the inelastic portion of its demand curve. D) Each member firm must employ the least-cost method of production.
What are the main lessons economists learned from the developing country crisis?
What will be an ideal response?