Refer to the above figure. A price ceiling has been set at P1, and a black market has opened. The equilibrium black market price will be

If the union wants to follow the strategy of maximizing member's income, wages should be set

A) above the market clearing wage rate. B) such that all that wanted to work could work. C) at the market clearing wage rate. D) at the point at which the price elasticity of demand equals 1.

The annual rental rate for a machine is

a. the yearly depreciation and maintenance costs for the machine. b. the yearly interest costs associated with owning the machine. c. the initial purchase price of the machine divided by the number of years the machine is expected to last. d. the sum of the yearly depreciation, maintenance, and interest costs associated with owning the machine.