In the figure above, the firm's economic
A) loss will be greater than $30 per day.
B) loss will be $30 or less per day.
C) profit will be between $0 and $30 per day.
D) profit will be greater than $30.01 per day.
B
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Economists believe a volunteer military is likely to
A) cost more than a conscripted military. B) cost taxpayers more than a conscripted military would. C) impose higher costs on military personnel than does a conscripted military. D) increase the percentage of incompetent people in the armed forces.
In response to a shortage caused by the imposition of a binding price ceiling on a market,
a. price will no longer be the mechanism that rations scarce resources. b. long lines of buyers may develop. c. sellers could ration the good or service according to their own personal biases. d. All of the above are correct.