Government price controls make communication of information between buyers and sellers more effective
a. True
b. False
Indicate whether the statement is true or false
False
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For a perfectly competitive syrup producer whose average total cost curve does not change, an economic profit could turn into an economic loss if the
A) market demand for syrup decreases. B) marginal cost curve shifts downward. C) market demand for syrup does not change. D) market demand for syrup increases. E) price of syrup rises.
Keynesians argue that changes in wages will lag price level changes even if expectations are formed rationally because
A) workers have very little bargaining power compared with that of management. B) only a small percentage of workers are unionized. C) wages are often set by long-term contracts. D) workers often have incorrect information.