A price ceiling is:
A. a legal maximum price.
B. a legal minimum price.
C. a legal maximum quantity that can be sold at a particular price.
D. a legal minimum quantity that can be sold at a particular price.
A. a legal maximum price.
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The exchange rate is the ________.
A. market on which currencies of various nations are traded for one another B. rate at which two currencies can be traded for each other C. quantity of foreign currency assets held by a government for the purpose of purchasing the domestic currency in the foreign exchange market D. price of the average domestic good or service relative to the price of the average foreign good or service, when prices are expressed in terms of a common currency
Refer to Table 14-3. What is the Nash equilibrium in this game?
A) In the Nash equilibrium both Saudi Arabia and Nigeria produce a low output and earn a profit of $100 million and $20 million respectively. B) In the Nash equilibrium Saudi Arabia produces a low output and earns a profit of $80 million and Nigeria produces a high output and earns a profit of $30 million. C) In the Nash equilibrium both Saudi Arabia and Nigeria produce a high output and earn a profit of $60 million and $20 million respectively. D) There is no Nash equilibrium.
If a demand curve for a good were completely vertical, it would be considered:
a. perfectly elastic. b. perfectly inelastic. c. of unitary elasticity. d. relatively inelastic.
The equilibrium price under an import quota is below the price that occurs with an import ban.
Answer the following statement true (T) or false (F)