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

Author Question: A price ceiling is ______ if it is set _____ the market equilibrium price. A. efficient and fair; ... (Read 119 times)

arivle123

  • Hero Member
  • *****
  • Posts: 569
on: Jun 29, 2018
A price ceiling is ______ if it is set _____ the market equilibrium price.
 
  A. efficient and fair; below
  B. unfair but efficient; equal to
  C. efficient and unfair; above
  D. inefficient and unfair; below

Question 2

Mary Ellen lives in a large city and earns 100,000 a year. Her sister, Molly, lives in a small rural community and earns only 20,000 a year.
 
  Based on this information, can you conclude that Mary Ellen is better off than her sister? Explain your answer.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Liddy

  • Sr. Member
  • ****
  • Posts: 342
Reply #1 on: Jun 29, 2018
Answer to Question 1

D A price ceiling set below the equilibrium price creates ineffi-ciency and is unfair by both measures of fairness.

Answer to Question 2

From this information it is impossible to determine who is better off. Mary Ellen's income is higher than Molly's, but Molly may be willing to sacrifice income so that she doesn't have to deal with the problems associated with living in a large city. Income is an imperfect measure of well-being.


arivle123

  • Member
  • Posts: 569
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

Liamb2179

  • Member
  • Posts: 365
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

Your heart beats over 36 million times a year.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

A comparison of gradualism and punctuated equilibrium. A comparison of gradualism and punctuated equilibrium.
Michelangelo, The Creation of Adam (unrestored), ceiling of the Sistine Chapel. Michelangelo, The Creation of Adam (unrestored), ceiling of the Sistine Chapel.
(A) A brisk half-moon stroke is an efficient technique to use with the body brush or exfoliation ... (A) A brisk half-moon stroke is an efficient technique to use with the body brush or exfoliation ...
Price of Computers, 1982–2010 Price of Computers, 1982–2010
Kinesthesis and Equilibrium Kinesthesis and Equilibrium
The Hardy–Weinberg Equilibrium The Hardy–Weinberg Equilibrium
Video: Simple Diffusion - gases and nonpolar compounds transport

For a complete list of videos, visit our video library