Suppose the market clearing price is $15 and the price ceiling is $17. The price that prevails in the market will be
A) $17.
B) $15.
C) less than $15.
D) more than $17.
Answer: B
Economics
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What will be an ideal response?
Economics
The perfectly competitive, profit-maximizing rate of production
A) occurs at the point at which marginal revenue is equal to marginal cost. B) occurs at the point at which the difference between marginal revenue and marginal cost is maximized. C) is not measurable for a perfectly competitive firm. D) ignores the relation of total revenues and total costs.
Economics