One common example of a price floor is the minimum wage
a. True
b. False
Indicate whether the statement is true or false
True
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In which of the following ways is a monopolist different from a perfect competitor?
a. Average cost will continually drop as output expands. b. Price is above marginal revenue. c. Average total cost equals average fixed costs plus average variable costs. d. The demand curve for the industry has a negative slope.
Figure 4-5
If the suppliers of a good will sell any amount at $30 but there are no sales, then the market can best be represented by which graph in Figure 4-5?
a.
1
b.
2
c.
3
d.
4
The Fed's actions leading up to the Great Recession:
A. may have contributed to the housing bubble and made the recession worse. B. may have mitigated the housing bubble and stopped the recession from having been worse. C. may have contributed to falling consumer confidence and made the recession worse. D. may have helped to boost consumer confidence and stopped the recession from having been worse.
In which of the following instances will total revenue decline?
A. Price rises and supply is elastic. B. Price falls and demand is elastic. C. Price rises and demand is inelastic. D. Price rises and demand is elastic.