An example of price floor is
a. Minimum wages
b. Rent controls in New York
c. Both a and b
d. None of the above
a
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Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 2 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poorland is:
A. positive and greater than $10,000. B. zero. C. positive but less than $10,000. D. negative.
In the Keynesian system a drop in investment __________ cause the interest rate to __________
A) will; fall B) will; rise C) does not; rise D) does not necessarily; fall
A firm in an oligopolistic industry has the following demand and total cost equations:
P = 600 - 20Q and TC = 700 + 160Q + 15Q2 Calculate: a. quantity at which profit is maximized b. maximum profit c. quantity at which revenue is maximized d. maximum revenue e. maximum quantity at which profit will be at least $580 f. maximum revenue at which profit will be at least $580
In the long run when average total cost does not depend on the quantity of output, this is called:
A. economies of scale. B. constant economies to scale. C. diseconomies of scale. D. minimum average total cost.