If a price ceiling on a monopolist results in NO shortage:
A. the full economic price is lower than the one set by the ceiling.
B. rent seeking must be effective.
C. the firm must be making zero economic profits.
D. the firm is on the verge of leaving the market.
Answer: A
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What will be an ideal response?
At the utility maximizing choice, the marginal utility of a baseball bat is 60 utils, while the marginal utility of a football is 30 utils. If the price of the baseball bat is $20, the price of the football is _____
a. $10 b. $20 c. $15 d. $5
An ordered pair is
a. the process of checking calculations twice before placing them on a graph. b. two numbers that can be represented by a single point on a graph. c. two numbers that are represented by two points on a graph. d. two points on a graph that are of equal distance from the origin.
DeBeers was able to profit the most from the diamond market by selling a:
A. lot of diamonds at high prices. B. lot of diamonds at low prices. C. few diamonds at low prices. D. few diamonds at high prices.