Price controls are usually enacted
a. as a means of raising revenue for public purposes.
b. when policymakers believe that the market price of a good or service is unfair to buyers or sellers.
c. when policymakers tax a good.
d. All of the above are correct.
b
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If perfectly competitive lawn care firms are making an economic profit, then
A) wages will be bid up until the economic profit are gone. B) the firms must be superior and will continue to make an economic profit. C) new firms will enter the industry. D) they are not equating marginal revenue to marginal cost. E) government regulation will be imposed to decrease their profit.
In 1912, the National Monetary Commission denounced the existing financial system of the U.S. and, in a report, detailed the levels at which it restricted domestic producers' abilities to function globally
Indicate whether the statement is true or false
The most basic concept of economics is
A) money. B) scarcity. C) bounded rationality. D) shortage.
The marginal revenue curve of a monopolist is
A. downward sloping and below the demand curve. B. downsloping and identical to the demand curve. C. horizontal and same as the market demand curve. D. downsloping and above the demand curve.