When a binding price floor is imposed on a market,
a. price no longer serves as a rationing device.
b. the quantity supplied at the price floor exceeds the quantity that would have been supplied without the price floor.
c. only some sellers benefit.
d. All of the above are correct.
d
Economics
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Marginal cost is calculated as
A) total cost divided by output. B) the increase in total cost divided by the increase in output. C) the increase in total cost divided by the increase in labor, given the amount of capital. D) total cost minus total fixed cost.
Economics
The effect of government spending or tax cuts on national income is measured by the:
A. aggregator. B. output gap. C. multiplier. D. tax rate.
Economics