A prominent argument against the use of price ceilings is:
A. they are unfair.
B. they lead to a surplus and a waste of society's resources.
C. they lead to rent seeking.
D. they raise corporate profits.
C. they lead to rent seeking.
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Product indifference curves bow inward toward the origin because of diminishing returns to substitution of inputs.
Answer the following statement true (T) or false (F)
Who owns the Federal Reserve banks?
A) the private commercial banks in each district which are members of the Federal Reserve System B) those households which have purchased stock in Federal Reserve System C) the federal government D) the governments of the states in which the banks are located
The Molasses Act (1733)
a. aimed to decrease trade between the colonies and the French West Indies. b. was flaunted with impunity by the colonists. c. placed a high tariff on colonial imports of foreign sugar, molasses and rum. d. if enforced would have disrupted one of the major colonial trades. e. All of the above.
What is the average cost of producing three units?
a. $200 b. $100 c. $50 d. $70