What is surplus of labor called in the labor market

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Reference no: EM133270500

Assignment:

1) If there is a shortage due to a binding price ceiling, can the price rise to eliminate the shortage? Why or why not?

2) If there is a surplus due to a binding price floor, can the price drop to eliminate the surplus? Why or why not?

3) If there is a shortage due to a binding price ceiling, sellers use rationing mechanisms other than price to allocate the goods in shortage. Provide two such rationing mechanisms and explain why they are inefficient and/or undesirable.

4) What problems can rent control cause other than a housing shortage?

5) How can a black market and hoarding cause a shortage to become worse?

6) What is surplus of labor called in the labor market?

Reference no: EM133270500

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