A maximum legal price that may be charged for a particular good or service is known as a
A) price floor.
B) price ceiling.
C) black market.
D) price support.
B
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Most economists believe that property taxes
A. should be eliminated. B. are progressive. C. should become an important source of revenue for the federal government. D. are regressive.
The long-run perfectly competitive equilibrium
A. results in normal profits. B. is not economically efficient. C. will never change once it is realized. D. is realized only in constant-cost industries.
In a market with imperfect product competition, the MRP declines because
a. the MP declines with each worker hired. b. the price of output falls as output increases. c. both output price and the MP decline as output increases. d. MC declines as output increases.
Temporary Assistance for Needy Families and Supplemental Security Income are
a. cash transfers for income assistance b. cash transfers for social insurance c. in-kind transfers for income assistance d. in-kind transfers for social insurance e. intended to provide health care for the poor