A price ceiling is a government regulation that makes it illegal to charge a price
A) below the equilibrium price.
B) above the equilibrium price.
C) for a good or service.
D) above some specified level.
E) below some specified level.
D
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Today, the average U.S. tariff is 4.6 percent of the value of imported goods, which is very low by historical standards
Indicate whether the statement is true or false
Government always makes individuals better off when it removes them from a prisoner's dilemma setting.
Answer the following statement true (T) or false (F)
When the Fed lends to depository institutions, the loans are called
A) federal funds. B) discount loans. C) repurchase agreements. D) reverse repurchase agreements.
The concept of Nash equilibrium states that
A) no firm can improve their outcome holding the other firm's actions constant. B) all firms are earning the highest possible profit. C) firms make alternating output decisions. D) None of the above