Which of the following is the most likely explanation for the imposition of a price ceiling on the market for milk?
a. Policymakers have studied the effects of the price ceiling carefully, and they recognize that the price ceiling is advantageous for society as a whole.
b. Buyers of milk, recognizing that the price ceiling is good for them, have pressured policymakers into imposing the price ceiling.
c. Sellers of milk, recognizing that the price ceiling is good for them, have pressured policymakers into imposing the price ceiling.
d. Buyers and sellers of milk have agreed that the price ceiling is good for both of them and have therefore pressured policymakers into imposing the price ceiling.
b
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Your opportunity cost of attending a lecture on the number of brain cells lost by binge-watching episodes of Here Comes Honey Boo Boo is
A) zero, since you already know that binge-watching will kill all of your brain cells. B) the price of the ticket for the lecture. C) the value of attending a meditation class, which is your next-best alternative. D) the total value of all other options you could have chosen instead of going to the lecture.
The distribution of world income is ________ the distribution of U.S. income
A) more equal than B) less equal than C) the same as D) not comparable to