What is a government-imposed maximum price at which a good can be sold?

a) a price floor
b) a price ceiling
c) a price support
d) a price equilibrium


Ans: b) a price ceiling

Economics

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Assume the economy is operating at a real GDP above full-employment real GDP. Keynesian economists would prescribe which of the following policies?

a. Nonintervention b. Fixed rule c. Contractionary d. Expansionary

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A market in which final goods and services are exchanged is a

A. Labor market. B. Public goods market. C. Factor market. D. Product market.

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After getting a raise at work, Jasper now regularly buys steak instead of chicken. Which factor of demand has influenced Jasper's demand for steak?

A. Price of a substitute good B. Income C. Preferences D. Price of a complementary good

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Briefly comment on the predictions of economists Milton Friedman and Edmund Phelps about the ability to exploit a trade-off between inflation and unemployment

What will be an ideal response?

Economics