--%>
Assignment Help - homework help

Describe utilization of production limits

Describe utilization of production limits in practice to raise the prices of the following goods or services (1) drinks in a restaurant or bar, (2) wheat or corn?

State authorities typically regulate the number of liquor licenses. Requiring that any bar or restaurant which serves alcohol have a liquor license and then restricting the number of licenses available, the State limits entry by new bars & restaurants. This limitation lets those establishments that have a license to charge a higher price for alcoholic beverages.
Federal authorities generally regulate the number of acres of wheat or corn in production through creating acreage restricatinn programs that give farmers financial incentives to leave some acreage idle. This decreases supply, driving up the price of wheat or corn.

   Related Questions in Biology

  • Q : Define the term homeostasis Define the

    Define the term homeostasis? What are sensors, controllers and effectors of the homeostasis?

    		•
  • Q : Beliefs - Perception Factor

    A person's belief has profound influence on his perception. Thus, a fact is conceived not on what it is but what a person believes it to be. The individual normally censors stimulus inputs to avoid disturbance of his existing beliefs.

    		•
  • Q : Cytoplasm division in the end of mitosis

    Write the name of the cytoplasm division in the end of mitosis? Also state the differences in this process between plant and animal cells?

    		•
  • Q : Describe Return Purchase Order or PO

    Return PO (Purchase Order): It refers to the refusal of purchase order through the purchase manager, prepared by the respective department to achieve uninterrupted supply of production chain at their end. It can be

    		•
  • Q : Is there a larval phase in the

    Is there a larval phase in the echinoderms? Answer: In echinoderms embryonic growth is indirect, with the ciliated larvae.

    		•
  • Q : Reduction of the activation energy How

    How does the development of enzyme-substrate complex elucidate the reduction of the activation energy of the chemical reactions?

    		•
  • Q : Do sea urchins contain teeth Do sea

    Do sea urchins contain teeth?

    		•
  • Q : Mitosis An oak tree cell with 14

    An oak tree cell with 14 chromosomes undergoes mitosis. How many daughter cells are formed, and what is the chromosome number in each cell? If the same cell had undergone meiosis, how many cells would have resulted, and what would have been the chromosome number in each?

    		•
  • Q : Characterization of class Reptilia How

    How class Reptilia characterized according to illustrations of representing beings, fundamental morphology, skin, circulation, respiration, nitrogen waste, thermal control and kinds of reproduction?

    		•
  • Q : What is Competitive Contract Award

    Competitive Contract Award: A competitive contract is any contract which opens a bidding competition, or process, in which the winning entity is awarded the contract. Such kinds of contracts are generally awarded by public agencies to make sure a fair

    		•