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 132 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?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

Street names for barbiturates include reds, red devils, yellow jackets, blue heavens, Christmas trees, and rainbows. They are commonly referred to as downers.

Did you know?

According to the CDC, approximately 31.7% of the U.S. population has high low-density lipoprotein (LDL) or "bad cholesterol" levels.

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

Complications of influenza include: bacterial pneumonia, ear and sinus infections, dehydration, and worsening of chronic conditions such as asthma, congestive heart failure, or diabetes.

Current Resistance and Voltage Current Resistance and Voltage
Figure 7.1 shows the rapid decline in the trust of Americans in government since the 1960s. This de Figure 7.1 shows the rapid decline in the trust of Americans in government since the 1960s. This de
A gasoline direct-injection system injects fuel under high pressure directly into the combustion ... A gasoline direct-injection system injects fuel under high pressure directly into the combustion ...
How to find the maximum and minimum of a quadratic relation How to find the maximum and minimum of a quadratic relation
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
North Atlantic Current North Atlantic Current
Video: Homeostasis (range of body conditions, normal limits, mild stresses & severe stresses)

For a complete list of videos, visit our video library