A short-run production function was estimated asQ = ?0.002L3 + 0.16L2What is average product when it is at its maximum level?

What is general equilibrium?

What will be an ideal response?

The removal of a price ceiling in a market results in:

a. an increase in the market price. b. a shortage in the market. c. over-production of the commodity and a surplus. d. a fall in the market price. e. abnormal profits for producers.