This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Suppose the U.S. government imposes a maximum price of 5 per gallon of gasoline, and the current ... (Read 68 times)

Destiiny22

  • Hero Member
  • *****
  • Posts: 557
on: Jul 1, 2018
Suppose the U.S. government imposes a maximum price of 5 per gallon of gasoline, and the current equilibrium price is 3.50 per gallon. This policy represents a:
 
  A) binding price floor.
  B) non-binding price floor.
  C) binding price ceiling.
  D) non-binding price ceiling.

Question 2

Why doesn't the marginal worker hired earn economic rent in a competitive labor market?
 
  A) His reservation wage is less than the wage.
  B) His reservation wage is greater than the wage.
  C) His reservation wage is equal to the wage.
  D) He is paid a wage that is lower than the others.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

yasmin

  • Sr. Member
  • ****
  • Posts: 319
Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

C


Destiiny22

  • Hero Member
  • *****
  • Posts: 557
Reply #2 on: Jul 1, 2018
Thank you :)


yasmin

  • Sr. Member
  • ****
  • Posts: 319
Reply #3 on: Jul 1, 2018
Happy to help you


« previous next »
 

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Scaling the Earth down to the size of a basketball, the Moon is roughly the size of a tennis ball. T Scaling the Earth down to the size of a basketball, the Moon is roughly the size of a tennis ball. T
E10 is 10% ethanol and 90% gasoline. E10 is 10% ethanol and 90% gasoline.
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
How to use the closed interval method to find absolute maximum and minimum values How to use the closed interval method to find absolute maximum and minimum values
The NIOSH Pocket Guide entry for gasoline. Useful information includes health effects and chemical ... The NIOSH Pocket Guide entry for gasoline. Useful information includes health effects and chemical ...
Paleocene-Eocene Thermal Maximum Paleocene-Eocene Thermal Maximum
Video: Stress and Immune System Animation

For a complete list of videos, visit our video library