If the equilibrium price of corn is $3 a bushel and the government imposes a floor of $4 a bushel, the price of corn will _______________________.
A. Increase to $4
B. Remain at $3
C. Rise to about $3.50
D. Be impossible to determine
A. Increase to $4
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In reality, according to the model developed in Section 15.5 of the textbook, prices of non-renewable resources have not increased continually because of
A) abundance of the resource. B) technological progress changing marginal cost. C) changing market power of producers. D) All of the above.
Explain the study of economics
What will be an ideal response?
Among all unbiased estimators that are weighted averages of Y1,..., Yn , is
A) the only consistent estimator of µY. B) the most efficient estimator of µY. C) a number which, by definition, cannot have a variance. D) the most unbiased estimator of µY.
Aggregate expenditure includes final spending by households, businesses, and government on final goods and services
a. True b. False