A price ceiling is
a. the lowest price that the law will allow to be charged in the market
b. the highest price that the law will allow to be charged in the market
c. the price that must be charged in the market
d. imposed if the government believes the equilibrium price is too low
e. applicable only in nonessential goods markets
B
Economics
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The above figure shows the costs at Barney's Bagel Bakery. For which of the following levels of output does the average product of labor exceed the marginal product of labor?
A) at 1000 bagels daily B) at 2000 bagels daily C) at 3000 bagels daily D) all of the above
Economics
The long run is a planning period:
a. during which the firm can vary its plant size. b. less than six months. c. less than one year. d. less than five years.
Economics