A price ceiling is non-binding when.
A. it is set above the equilibrium price.
B. it is set below the equilibrium price.
C. it reduces the output in a market.
D. it increases the output in a market.
A. it is set above the equilibrium price.
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The above figures show the market for oranges. Which figure(s) shows the effect of new successful advertising campaigns to eat more oranges?
A) Figure A B) Figure B C) Figure D D) Figures A and D
Explain two different ways to determine the profit-maximizing level of output for a firm in a perfectly competitive market
What will be an ideal response?
You have been promised a payment of $250,000 in the future. In which case is the present value of this payment highest?
a. You receive the payment 3 years from now and the interest rate is 8 percent. b. You receive the payment 3 years from now and the interest rate is 6 percent. c. You receive the payment 2 years from now and the interest rate is 8 percent. d. You receive the payment 2 years from now and the interest rate is 6 percent.
Consumer preferences, prices of related goods, income, and demographic characteristics are often termed:
A) market technologies. B) demand prices. C) demand shifters. D) supply determinants.