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What are forms of price floors to lead inefficiency?
Price floors frequently lead to ineffectiveness in the forms of:
a. Inefficient allocation of sales in between sellers
b. Wasted resources
c. Inefficiently high quality
They also can give an incentive for illegal activity (for example, black labor).
Describe dynamic multiplier
Consider a market where supply and demand are given by QXS = -12 + PX and QXd = 78 - 2PX. Suppose the government imposes a price floor of $35, and agrees to purchase any and all un
What will happen to the shape of the money demand curve if the checking accounts bear interest? will it still slope down if the interest of the checking account is fixed while the
Aggregate supply Remember that labor demand provides us profit-maximizing quantity of L for a given real wage. If W/P is given (as it's in cross model), we can find profit-maxi
Classify each good as a final good or intermediate good. (briefly explain wach choice) 1. running shoes 2. cotton fibers 3. watches 4. textbooks 5. coal 6. sunscr
# ???? .. difference between gdp at market price and nnp at factor cost
Which of the following is assumed in constructing a typical production possibilities curve? a. the economy is engaging in international trade. b. production technology is fix
Explain the adjustment to the new equilibrium price from an increase in demand.
Suppose three identical firms are engaged in Cournot competition in quantities. They all have marginal costs equal to 40. Market demand is given by: P(X) = 200 - X = 200 - (x
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