Define price floor
Price floor: Price floor refers to the lowest amount price fixed by the government over the market determined price and hence the producers of the necessary items such as wheat, rice and so on might not experience losses.
Price controls are intended to: (w) eliminate arbitrage and speculation. (x) stabilize prices. (y) make sure laissez-faire policies. (z) ignore shortages and surpluses. How can I solve my economics problem? Please
I have a problem in economics on Buyer beware-Laws and Regulations. Please help me in the following question. Caveat emptor signifies: (i) Let the sellers beware. (ii) Sellers are the most excellent judges of the quality of their goods. (iii) Charge w
Explain different thought of economists for law of equivalent marginal advantage.
All of the following rise the expected rate of return on R&D expenditures, except: A) patents. B) trademarks. C) imitation by others. D) trade secrets
Since philosophers are hardworking and intelligent individuals who should acquire substantial human capital and advanced degrees to work like philosophers, in that case the shaded area B represents: (1) pure profit. (2) consumer surplus. (3) interest
The union strategy made illegal through the Taft-Hartley Act of 1948 was: (1) Jurisdictional strikes centered on which the unions would symbolize a firm’s staff. (2) Contracts in which the firms agreed to preferentially encourage the union members. (3) ‘Ri
How is a shift in demand reflected in a demand equation? How is a shift in supply reflected in a supply equation? How is a movement along a demand (supply) curve reflected in a demand (supply) equation?
is price in the law of demand an absolute or relative price
When a monopolist maximizes profit and charges a price equivalent to average cost, in that case the firm: (i) is producing at the minimum point on its marginal cost curve. (ii) also charges a price equal to marginal cost. (iii) is pro
I have a problem in economics on Craft Unions problems. Please help me in the given question. The craft unions arrange all the workers: (i) In a given industry or firm, despite of skill or craft. (ii) In a specified craft, even when they work for dist
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