A price ceiling that is set above the equilibrium price
A) causes suppliers to raise their prices.
B) is binding.
C) is non-binding.
D) creates a shortage.
Question 2
A firm uses labor and capital in its production process, and it faces competitive markets for its inputs and output. The firm's long-run labor demand curve
A) intersects with the short-run labor demand curve in several points.
B) is exactly identical to its short-run labor demand curve.
C) is steeper than its short-run labor demand curve.
D) is flatter than its short-run labor demand curve.
Chemical equilibrium and the law of mass action.
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