Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $7 each.
a. The government has instituted a legal minimum price of $8 each for hamburgers.
b. The government prohibits fast-food restaurants from selling hamburgers for more than $8 each.
c. Due to new regulations, fast-food restaurants that would like to pay better wages in order to hire more workers are prohibited from doing so.
Answers: 2
Business, 22.06.2019 14:30, dabicvietboi
Which of the following is an example of a positive externality? a. promoting generic drugs would benefit people. b. a lower inflation rate would benefit most consumers. c. compulsory flu shots for all students prevents the spread of illness in the general public. d. singapore has adopted a comprehensive savings plan for all workers known as the central provident fund.
Answers: 1
Business, 22.06.2019 19:30, hmae2304
Alaska king crab fishing in the 1960s and '70s was a dangerous but rich fishery. boats from as far away as california and japan braved the treacherous gulf of alaska crossing to reach the abundant king crab beds in cook inlet and bristol bay. suddenly, in the early 1980s, the fishery crashed due to over fishing. all crabbing in those areas ended. to this day, there is no crabbing in bristol bay or cook inlet. a. how would an economist explain the decline of the alaska king crab fishery
Answers: 3
Business, 23.06.2019 07:00, brokegirlyy
Rare beef roasts can be cooked to what internal temperature? a) 120°f b) 130°f c) 145°f d) 155°f
Answers: 1
Business, 23.06.2019 09:50, ant5784tgi
The goal of an economist who formulates new theories is to a. provide an interesting framework of analysis, whether or not the framework turns out to be of much use in understanding how the world works. b. provoke stimulating debate in scientific journals. c. contribute to an understanding of how the world works. d. demonstrate that economists, like other scientists, can formulate testable theories.
Answers: 1
Complete the following table by indicating whether each of the statements is an example of a price c...
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