Wage and price controls imposed for an extended period of time are likely to result in:
a. shortages.
b. rationing.
c. black markets.
d. All of these.
d
Economics
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The greater the amount of time that passes after a price change, the
A) less elastic supply becomes. B) more elastic supply becomes. C) more negative supply becomes. D) steeper the supply curve becomes. E) None of the above answers is correct.
Economics
Rational ignorance means
A) ignorance is rationed. B) the benefit from some information is not worth the cost of collecting it. C) some people do not understand rationality. D) the information is unavailable.
Economics