Nonprice rationing devices are required
A) because the price system does not allocate resources efficiently.
B) when there are price floors but not when there are price ceilings.
C) so that prices will go back to equilibrium.
D) to allocate goods when there is a price ceiling.
D
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Which of the following companies was part of the original Dow Jones Industrial Average?
A) Chicago Gas Company B) National Lead Company C) General Motors Corp. D) AT&T Inc. E) a and b
If your bank faces a 20 percent required reserve ratio and receives a cash deposit of $4,000 into a checkable deposit account, the maximum total amount of money possible after the banking system makes all loans is:
A. $3,200. B. $4,000. C. $16,000. D. $20,000.
Give an example of an industry that would seek intellectual property rights protection because its product incorporates innovation and research
What will be an ideal response?
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p. If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes?
A) $0 B) $500 C) $10,000 D) $50,000