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When government imposes a price ceiling below the market price, the result will be that Select one:
a. surpluses occur.
b. shortages become a problem.
c. supply and demand will shift up to the new equilibrium.
d. A price ceiling set below the equilibrium price will have no effect on the market equilibrium.
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price $2/unit of food. draw the budget constraint for the individual with the composite good on the y-axis and food on the x-axis..
What are the determinants of demand? What happens to the demand curve when any of these determinants change? Distinguish between a change in demand and a movement along a fixed demand curve, noting the cause(s) of each.
q1. for each of the determinants of demand in equation identify an example illustrating the effect on the demand for
A sprinkler system inside of one house does not protect houses on the other side of town. It also requires the homeowner to purchase and install it prior to benefiting from it. Once installed it can help stop fires from jumping to neighboring homes.
Why haven't large nationwide chains been particularly successful dominating upscale consumer markets in areas like restaurants, jewellery and wine, while they have taken over mass production markets such as fast food and beer?
Explain why globalization is good for the United States. What are the drawbacks of globalization for our economy? We run huge trade imbalances with two countries. Explain the cause of the imbalances. What is the economist's case for free trade?
A) Why has Uber cut prices substantially? ($500) B) What assumptions has Uber made about price elasticity of demand among its customers? ($500) C) If customer demand is price inelastic, will total revenue rise or fall? Explain your answer in 1-2 sent..
For a normal good, the income and substitution effects
As we observed in this chapter, central banks, rather than purposefully setting the level of the money supply, usually set a target level for a short-term interest rate by standing ready to lend or borrow whatever money people wish to hold at that in..
along a unit elastic demand curve, if the market price increases then. a good economic model should. if two goods are substitutes, their corss-price elasticity will be. for a straight line demand curve, price elasticity of demand near the "choke pric..
What is the equal payment series for 10 years that is equivalent to a payment series starting with $30,000 at the end of the first year and decreasing by $3,000 each year over 10 years? interest is 8% compounded annually.
You want to buy a new car and have $5,000 available for a down payment. You can afford a monthly car payment of $400. The maximum length of loan you want to take is 5 years. Your credit rating is not so good and the best car loan you can get is for a..
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