A market consequence of a price floor program is that:
a. a shortage of the product will develop.
b. producers will stop supplying the product.
c. some rationing device must then be instituted.
d. a surplus of the product will develop.
e. there will be an excess demand for the product.
d
Economics
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Joe Doakes is running for reelection. Economic theory predicts he has a strong incentive to
A) heavily discount the value of all future costs of his policies. B) try to provide as many benefits to his constituents as possible prior to the next election day. C) do both A and B above. D) do none of the above.
Economics
"Allocative efficiency in the production of cherries means that consumers can eat all of the cherries they desire." Is this statement true or false?
What will be an ideal response?
Economics