On which kinds of goods do governments generally place price ceilings?
What will be an ideal response?
Answer: That are essential but too expensive for some consumers
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An indirect effect of monetary policy is that as the money supply
A) increases, interest rates fall, and borrowing and spending increase. B) increases, interest rates rise, and borrowing and spending decrease. C) decreases, interest rates rise, and borrowing and spending increase. D) decreases, interest rates fall, and borrowing and spending increase.
The labor demand and labor supply schedules are given in the table above. If a minimum wage of $11 per hour is imposed,
A) a surplus of 300 workers occurs. B) there is no shortage or surplus of workers. C) 900 workers are employed. D) Both answers B and C are correct. E) Both answers A and C are correct.
Rich country to poor country migration is relatively uncommon
Indicate whether the statement is true or false
In choosing between two products, a rational consumer will choose the product that gives her the:
A. least marginal utility per dollar. B. highest cost per additional unit of utility. C. lowest cost per additional unit of utility. D. greatest total utility regardless of cost.