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 125 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?

About 60% of newborn infants in the United States are jaundiced; that is, they look yellow. Kernicterus is a form of brain damage caused by excessive jaundice. When babies begin to be affected by excessive jaundice and begin to have brain damage, they become excessively lethargic.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

The strongest synthetic topical retinoid drug available, tazarotene, is used to treat sun-damaged skin, acne, and psoriasis.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

Nitroglycerin is used to alleviate various heart-related conditions, and it is also the chief component of dynamite (but mixed in a solid clay base to stabilize it).

This chart shows the various lines of responsibility and how they differ in presidential and parliam This chart shows the various lines of responsibility and how they differ in presidential and parliam
After verifying that the tester is capable of correctly reading the air frequency, gasoline is ... After verifying that the tester is capable of correctly reading the air frequency, gasoline is ...
To reverse the direction of operation, the polarity of the current through the motor is reversed. To reverse the direction of operation, the polarity of the current through the motor is reversed.
End of the last Pleistocene glacial maximum End of the last Pleistocene glacial maximum
Price of Computers, 1982–2010 Price of Computers, 1982–2010
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Optic Nerve and Optic Disk Animation (Part 1 of 2)

For a complete list of videos, visit our video library