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 131 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?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

Cyanide works by making the human body unable to use oxygen.

Current Resistance and Voltage Current Resistance and Voltage
Co-current flow in a concentric tube heat exchanger Co-current flow in a concentric tube heat exchanger
How to determine if a quadratic equation has a maximum or minimum when given the roots How to determine if a quadratic equation has a maximum or minimum when given the roots
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
Explain how it can be desirable from an intertemporal perspective for a country run a current ... Explain how it can be desirable from an intertemporal perspective for a country run a current ...
The current status of gene therapy worldwide The current status of gene therapy worldwide
Video: Olfaction. or the sense of smell

For a complete list of videos, visit our video library