If the government set a price at $16, there would be price __________, that would cause a ___________ of ______ units.
A. floor; shortage; 10
B. floor; surplus; 10
C. ceiling; shortage; 10
D. ceiling; surplus; 10
C. ceiling; shortage; 10
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Abstraction is used in economics to omit unnecessary details and focus on the essence of the problem being studied.
Answer the following statement true (T) or false (F)
Inefficient resource allocation is a major problem with monopolies
a. True b. False Indicate whether the statement is true or false
Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. If you make 1,000 t-shirts, your average total cost is ________.
A. $3.10 B. $10.30 C. $3 D. $1.03
Auto insurance rates are lower for young women relative to young men. An unusually reckless young woman driver benefits from this
A) statistical discrimination. B) signal. C) screening. D) majority voting.