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A price ceiling would create a shortage of gasoline, as you correctly explained. If prices were free to adjust, they would increase, you are right. However, since there is a price ceiling, prices would not be able to increase.
What do you think would happen in such a situation?
You have come to realize which you are only buying 3 bottles of wine a week now whereas you utilized to buy six bottles of wine when you made $60,000 a yr. Given this situation you would describe wine as a.
John operates a small business out of his home and has very little in terms of fixed costs. Answer the next questions (Parts A and B) on the basis of the following cost data for John’s firm operating in pure competition. If the product price is $45 a..
Many papers look at the impact of credit frictions onto business cycles, and they almost unambiguously find that credit frictions work as an amplification mechanism of other shocks. A lot of these models (in the tradition of Kiyotaki and Moore) have ..
Large-scale wars typically bring a suspension of international trading and financial activities. Exchange rates lose much of their relevance under these conditions, but once the war is over governments wishing to fix exchange rates face the problem o..
Say y store it as cash in a mayonnaise jar in kitchen cabinet. What would this do to circular flow of income and spending. How would businesses react to household hoarding.
Now suppose, instead, that between last year and this year, the pound depreciated by 25% against the euro and Germany experienced a 30% increase in its price level (a 30% increasein the number of euros required to purchase one unit of German outpu..
Explain how, despite being free, public education can actually make a household better off by consuming less education?
Suppose the current equilibrium price of a quarter-pound hamburger is $5 and 10 million quarter-pound hamburgers are sold per month. After the federal government imposes a tax of $.50 per hamburger, the equilibrium price of hamburgers rises to $5.20 ..
Some economists argue that it is easier to resolve demand-pull inflation than it is cost-push inflation. Use the aggregate demand and aggregate supply model to explain this assertion.
Why might the economic value of the inventories differ from the value recorded on the balance sheet of Brinker International?
Assume all employees are paid the same wage. A decreasing marginal product of labor, while still a positive number, tells us that marginal cost must be increasing. A watch manufacturer finds that at 1,000 units of output, its marginal costs are below..
If you were considering purchasing a season ticket to the symphony orchestra, which level of Maslow's Hierarchy of Needs are you trying to fulfill?
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