Answer the following questions true (T) or false (F)
1. The minimum wage is an example of a price ceiling.
2. A price ceiling is a legally determined maximum price that sellers may charge.
3. Shortage means the same thing as scarcity.
1. FALSE
2. TRUE
3. FALSE
You might also like to view...
The short-run aggregate supply (SRAS) curve shows the quantity
A) demanded of all goods and services at different price levels, ceteris paribus. B) supplied of all goods and services at a particular price level, ceteris paribus. C) supplied of all goods and services at different price levels, ceteris paribus. D) supplied of GDP at a particular price level, ceteris paribus.
If a decrease in the price of good Y causes the demand for good Z to decrease, this indicates that...
What will be an ideal response?
What will happen in the long run if businesses in perfect competition are experiencing losses?
A. Some sellers will go out of business, causing supply to decrease and prices to fall. B. Some sellers will go out of business, causing demand to increase and prices to rise. C. Some sellers will go out of business, causing supply to decrease and prices to rise. D. Some sellers will go out of business, causing demand to increase and prices to fall.
In 2005, chief executive officers (CEOs) pay at U.S. firms with around $500 million in annual sales averaged:
A. $600 thousand. B. $1.2 million. C. $2.2 million. D. $4.5 million.