Homework Answers
"D"
A minimum wage law is an example of the price floor in the market, it sets the lowest wage that the firms have to pay to the labors.
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Which of the following is an example of a price floor? O A. a law setting...
which of the following is an example of a price floor? a. rent controls b. restricting...
which of the following is an example of a price floor? a. rent controls b. restricting gasoline prices to $1.00 per gallon when the equilibrium price is $1.50 per gallon. c. the minimum wage d. all of the above are price floors. e. none of the above are price floors.
7.A price floor is a legal maximum price. a legal minimum price. the price which the...
7.A price floor is a legal maximum price. a legal minimum price. the price which the legally-permissible price cannot go above. a price which cannot legally be charged. 8.A binding price floor will cause quantity demanded to exceed quantity supplied. will cause quantity supplied to exceed quantity demanded. will increase total well-being. will set a legal maximum price in a market
Paragraph Styles True or false 1- Minimum wage is a good example of a price floor....
Paragraph Styles True or false 1- Minimum wage is a good example of a price floor. 2- Domestic producers typically benefit when their government decrease tariff 3- Minimum wage laws typically result in a shortage 4 GATT was created during the Clinton ad. 5- A corrective tax is good example of command control policy. Multiple choice A non-binding price floor can be seen on graph as a: a. Vertica line to the left of the equilibrium b. Horizontal line below...
An economist looks at rent controlled prices as an example of a price ceiling O equilibrium....
An economist looks at rent controlled prices as an example of a price ceiling O equilibrium. price floor @ engaged price. QUESTION 7 The "work effort argument" criticizing traditional economic analyses of the minimum wage implies increased real GDP should result from any increase in the nominal minimum wage. o reduced real GDP should result from any increase in the nominal minimum wage. any increase in the nominal minimum wage reduces short-run aggregate supply increased real GDP should result from...
The minimum wage is an example of O a price ceiling. O a price floor. O...
The minimum wage is an example of O a price ceiling. O a price floor. O a wage subsidy O a tax. Suppose that a firm is currently maximizing its short-run profit at an output of 50 units. If the current price is $9, the marginal cost of the 50th unit is $9, and the average total cost of producing 50 units is $4, what is the firm's profit? $0 $200 $250 $450 At the profit-maximizing level of output, O...
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below.
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $2,000, will there be a surplus or a shortage? c. Suppose that a new government is elected that wants to keep out the poor. It...
A price floor? a. sets a legal minimum on the price at which a good can...
A price floor? a. sets a legal minimum on the price at which a good can be sold. b. will be effective if it is set below the equilibrium price. c. sets a legal maximum on the price at which a good can be sold. d. is usually implemented by the government to protect consumers.
1. When will a minimum wage be an effective price control? When it is a... A....
1. When will a minimum wage be an effective price control? When it is a... A. Maximum "price" that is above the equilibrium price B. Maximum "price" that is below the equilibrium price C. Minimum "price that is above equilibrium price 2. Many major U.S. cities have adopted rent controls for some housing. An effective rent control is what kind of price control? A. A price ceiling with a maximum price above equilibrium price. B. A price floor with a...
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are...
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. Instructions: Enter your answers as whole numbers. a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price is: Market equilibrium quantity is: b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1,500, will there...
Suppose that the market inverse demand and supply schedules for rental apartments in the city of...
Suppose that the market inverse demand and supply schedules for rental apartments in the city of Auckland are as given by the following equations: Demand: P = 2700 – 0.12QD Supply: P = –300 + 0.12QS What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Show on graph If the local authority can enforce a rent-control law that sets the maximum monthly rent at $900, will there be a...
Paragraph Styles True or false 1- Minimum wage is a good example of a price floor. 2- Domestic producers typically benefit when their government decrease tariff 3- Minimum wage laws typically result in a shortage 4 GATT was created during the Clinton ad. 5- A corrective tax is good example of command control policy. Multiple choice A non-binding price floor can be seen on graph as a: a. Vertica line to the left of the equilibrium b. Horizontal line below...
An economist looks at rent controlled prices as an example of a price ceiling O equilibrium. price floor @ engaged price. QUESTION 7 The "work effort argument" criticizing traditional economic analyses of the minimum wage implies increased real GDP should result from any increase in the nominal minimum wage. o reduced real GDP should result from any increase in the nominal minimum wage. any increase in the nominal minimum wage reduces short-run aggregate supply increased real GDP should result from...
The minimum wage is an example of O a price ceiling. O a price floor. O a wage subsidy O a tax. Suppose that a firm is currently maximizing its short-run profit at an output of 50 units. If the current price is $9, the marginal cost of the 50th unit is $9, and the average total cost of producing 50 units is $4, what is the firm's profit? $0 $200 $250 $450 At the profit-maximizing level of output, O...
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