When a binding price floor is placed on a good, some suppliers who want to sell the good cannot do so
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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Because its market share is insignificant, a perfectly competitive firm faces an inelastic demand curve
Indicate whether the statement is true or false
Economics
The equation of exchange is an economic theory
Indicate whether the statement is true or false
Economics
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one radio?
A. 1/10 TV B. 10 TVs C. 1/5 TV D. 5 TVs
Economics
If the government imposed a green tax on gasoline, ceteris paribus, the price of gasoline should
A. Remain unchanged. B. Decrease. C. Increase. D. Increase initially but later decrease.
Economics