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Author Question: The price of a gallon of gasoline in Bonland is 3.20. However, just before the election, the ... (Read 79 times)

savannahhooper

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on: Jun 29, 2018
The price of a gallon of gasoline in Bonland is 3.20. However, just before the election, the government decides to fix the price of gasoline at 2.80 per gallon. This is an example of a ________.
 
  A) positive externality
  B) negative externality
  C) price floor
  D) price ceiling

Question 2

What are the conditions that define a monopoly?
 
  What will be an ideal response?


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Leostella20

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

There is only one firm producing a good or service with no close substitutes for the good or service sold and there are barriers to entry that prevent competing firms from entering the market.


savannahhooper

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Reply 2 on: Jun 29, 2018
Excellent

lkanara2

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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