The equation for a budget line for goods X and Y, with Px being the price of X, Py being the price of Y, and B being the budget, can be written as:

A minimum wage policy is an example of a ________

A) price ceiling B) price floor C) positive externality D) negative externality

Common ownership of resources such as land can be efficient as long as

a. people are honest b. government regulates resource use c. rules for resource use are clear in assigning rights and responsibilities d. penalties for misuse are severe e. all the above are required