Author Question: State some of the policies adopted by the U.S. government to check petroleum ... (Read 51 times)

james · **on:** Jun 30, 2018

State some of the policies adopted by the U.S. government to check petroleum prices.

Question 2

An increase in price, facing a perfectly competitive firm, means that the profit-maximizing output level will increase.
a. True
b. False
Indicate whether the statement is true or false

Awesome · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

Some of the policies adopted by the U.S. to control petroleum prices included price ceiling, tax on domestic petroleum producing firms, increasing domestic oil exploration, and reducing demand for petroleum products.

Answer to Question 2

True