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.
For each case listed below, first state whether the change results in an increase or a decrease in demand, or in an increase or a decrease in supply. Second, determine the direction of change in both the equilibrium price and the equilibrium quantity. a.
This capital market is within a closed private economy. Primary plans of savers and investors are demonstrated as curves S0 and I0. There Market equilibrium will exist at: (1) point a. (2) point b. (3) point c. (4) point d. (5) point
The short-run supply curve for a purely competitive industry is the horizontal total of the: (a) quantities demanded by consumers at each price. (b) prices charged by individual firms for each quantity supplied. (c) quantities supplied by established
The incentive to work and earn income is possible to be greatest when the fundamental welfare benefit is ____ and the fundamental welfare benefit is reduced through ____ that the person earns: (w) high, the amount (x) low, the amount
When this firm's marginal cost curve moved upward from MC2 to MC3, the firm would: (w) reduce output from Q3 to Q2 and increase price from P3 to P4. (x) reduce output by Q2 t
People who reject to purchase the products of a firm whose actions they condemn, especially when such rejection is intended to support the employees who are on strike, and who urge others to not purchase such products, or to not deal with these firms, are engaged in a
expectations of price hike for durable goods tend to:
The least possible costs of alternative outcomes to the primary economic question of “what?” can be represented with the production possibilities curve through: (1) The slopes of movements all along the curve. (2) Shifting the curve up by
A monopolist has an inverse demand curve given by p(y) = 12 - y and a cost curve given by c(y) = y2. (a) What will be its profi t maximizing level of output?
A price-taker firm’s marginal revenue is: (w) constant and identical to price. (x) less than average revenue. (y) sufficient to cover all short-run costs. (z) determined by the firm’s supply curve. Discover Q & A Leading Solution Library Avail More Than 1432534 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1951101 Asked 3,689 Active Tutors 1432534 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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