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Author Question: Suppose the U.S. government imposes a maximum price of 5 per gallon of gasoline, and the current ... (Read 70 times)

Destiiny22

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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.


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yasmin

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Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

C


Destiiny22

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Reply #2 on: Jul 1, 2018
Thank you :)


yasmin

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Reply #3 on: Jul 1, 2018
Happy to help you


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