1) When a binding price ceiling is imposed on a market, price no longer serves...
1)
When a binding price ceiling is imposed on a market,
price no longer serves as a rationing device.
the quantity supplied at the price ceiling exceeds the quantity that would have been supplied without the price ceiling.
all buyers benefit.
All of the above are correct.
2)
Constant returns to scale occur when a firm’s
marginal costs are constant as output increases.
long-run average total costs are decreasing as output increases.
long-run average total costs are increasing as output increases.
long-run average total costs do not vary as output increases.
Homework Answers
a) "A"
When a binding price ceiling is imposed in the market then the demand exceeds the supply and there is a shortage in the market, here, the price doesn't act as a rationing devices.
b) "D"
When the long run average total cost do not vary as output increases it is considered as constant return to scale.
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