"Government should not use price controls" is an example of:
A. Marshallian economics.
B. normative economics.
C. the art of economics.
D. positive economics.
Answer: B
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The income that is available to individuals for consumption or investment is called disposable income
a. True b. False Indicate whether the statement is true or false
If each firm’s production is associated with the release of 50 units of effluent, how much will each pay in total effluent fees when facing the $90 marginal effluent fee?
Among the identified point sources contributing to the pollution of Puget Sound are Dow Chemical (D) and Chevron (C). Each firm's cost functions are shown below. MACD = 2.5AD MACC = 3.75AC TACD = 1.25AD2 TACC = 1.875AC2 To meet the effluent limits under the Clean Water Act, each firm has an NPDES permit to release some fixed amount of effluents, so each must abate 30 units.
A binding minimum wage causes the quantity of labor demanded to exceed the quantity of labor supplied
a. True b. False Indicate whether the statement is true or false
When a buyer's willingness to pay for a good is equal to the price of the good, the
a. buyer's consumer surplus for that good is maximized. b. buyer will buy as much of the good as the buyer's budget allows. c. price of the good exceeds the value that the buyer places on the good. d. buyer is indifferent between buying the good and not buying it.