If the government set a price floor at $8
A. there would be a temporary surplus, then prices would fall to equilibrium.
B. there would be a permanent surplus, at least until the price floor was lifted.
C. the price would rise back to the equilibrium price.
D. the price floor would not have any effect on this market.
B. there would be a permanent surplus, at least until the price floor was lifted.
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Frictional unemployment refers to:
a. people who are out of work and have no job skills. b. short periods of unemployment needed to match jobs and job seekers. c. people who spend relatively long periods out of work. d. unemployment related to the ups and downs of the business cycle.
In a two-person exchange, if the price offered to the seller is less than the opportunity cost of production, the exchange will not take place
Indicate whether the statement is true or false