Impact of economy according to price ceiling or price floor
If price ceiling or price floor were removed what is the impact on the economy?
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Price ceiling is government laws or rules setting price floors or ceilings that forbid the adjustment of price to clear marketplaces. Price ceilings make it illegal for sellers to charge more than a explicit maximum price. Ceilings may be announced when a shortage of a commodity threatens to raise its price a lot.
Describe Break Even Price in Economics for a purely competitive firm?
Relative income as given by the Bureau of the Census reflects a try to measure: (1) a nation’s wealth. (2) economic development in a country. (3) the value of nonhuman wealth. (4) how far a person’s income diverges from th
Can someone help me in finding out the right answer from the given options. When the income effect of a wage raise is more powerful than the substitution effect, then the: (1) Labor supply curve will be ‘backward bending’. (2) Unemployment rate will
Can someone help me in finding out the right answer from the given options. Being disappointed whenever you finally learn how some desserts are accessible after you have already told the server at a restaurant that you will try the ‘all-you-can-eat’ buffet
Sec. A:The Bureau of Labor Statistics of a small state has asked you to analyze a minimum wage policy to support unskilled workers in the State’s local economy, which is still suffering from the effects of the recession. Based on
The Exploitation might not exist even when the wage a worker is paid is less than worker’s: (1) Average revenue product. (2) Marginal revenue product. (3) Marginal factor cost. (4) The value of marginal product. Can someone p
Firm A in below illustration of figure maximizes profit and is: (1) demonstrated as operating in the long run. (2) capable of reaping economic profit of P2P1de, since only in the short run. (3) incurring economic losses equivalent to fixed costs of P3
An unregulated monopoly is a market structure: (w) which is especially inefficient when price discrimination is practiced. (x) inhabited by several firms, all selling identical goods. (y) composed of a single firm which controls the production and pri
The least probable of the given to be claimants to the firm’s income stream would be the firm’s: (1) Shareholders. (2) Managers. (3) Customers. (4) Suppliers. (5) Government. Can someone please help me in finding out th
Paradise Planners sold deluxe Hawaiian winter vacation’s 170 packages at a price of $1900, although only 130 tourists signed up while the price increased to $2100. Such Hawaiian vacations have a price elasticity of demand approximately equal to:
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