Price floors are only effective below the market equilibrium
a. True
b. False
Indicate whether the statement is true or false
False
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To counteract relative price changes, the government would implement:
A. polices that affect the supply and demand for a specific good. B. fiscal policy. C. monetary policy. D. policies that affect the supply and demand for all goods and services.
Fill in the blank: Your authors argue that focusing on the market as a ________ process helps to better explain the haggling and negotiation activities, which are at the core of our production and consumption plans in the real world
A) monopolized B) oligopolized C) perfectly competitive D) competitive
The term "industry concentration":
A) refers to the degree of product differentiation in an industry. B) is a measure of how many firms produce the total output of an industry. C) refers to how capital or labor intensive a particular industry is. D) is a measure of how many customers purchase the total output of an industry.
A firm's total cost is $10,000. Its variable cost is $5,500. What is the firm's fixed cost?
a. $2.22 b. $3,500 c. $4,500 d. $5,500 e. none of the above