Which of the following is correct?
a. Rent control and the minimum wage are both examples of price ceilings.
b. Rent control is an example of a price ceiling, and the minimum wage is an example of a price floor.
c. Rent control is an example of a price floor, and the minimum wage is an example of a price ceiling.
d. Rent control and the minimum wage are both examples of price floors.
b
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The cost of producing one more pizza is the
A) price. B) marginal benefit. C) marginal cost. D) producer surplus.
If a monopolist's marginal revenue is $35 per unit and its marginal cost is $25, then
A) to maximize profit the firm should increase output. B) to maximize profit the firm should decrease output. C) to maximize profit the firm should continue to produce the output it is producing. D) Not enough information is given to say what the firm should do to maximize profit.
The marginal product curve of input Y shows
A. how the average quantity of output produced varies with input Y, holding all other inputs constant. B. how the quantity of output produced changes for each amount of input Y, whether or not all other inputs are held constant. C. how the quantity of output produced changes for each amount of input Y, holding all other inputs constant. D. how the average quantity of output produced varies with input Y, whether or not all other inputs are held constant.
Evaluate the statement that “for a private open economy the equilibrium GDP always corresponds with an equality of exports and imports.”
What will be an ideal response?