Which of the following is an example of a price ceiling?
A) the minimum wage
B) agricultural price supports
C) rent controls
D) None of the above is correct.
Answer: C
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Explain the income effect and the substitution effect due to an increase in the wage rate
What will be an ideal response?
The reason why weaker firms accept price leadership is that they
a. maximize profit that way b. get an equal share of the market c. can collude to eventually challenge the dominant firm d. are protected from price competition e. can lower their prices to increase market share without upsetting the price leader
If tablet computers are considered substitutes for e-readers, the decline in the price of e-readers would, all else equal,
A) increase the demand for tablet computers. B) decrease the demand for tablet computers. C) increase the quantity of tablet computers demanded. D) decrease the quantity of tablet computers demanded.
Refer to the above table. What does total product equal when 3 units of labor are used?
A. 1008 B. 338 C. 336 D. 3