A price ceiling is typically imposed on a market because of ___________ and it creates _______
a. a chronic excess demand; an unacceptable price increase
b. an unacceptable price increase; chronic excess demand
c. an unacceptable price decrease; chronic excess demand
d. an unacceptable price decrease; chronic excess supply
e. an unacceptable price increase; chronic excess supply
B
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Which of the following constrain (that is, limit) a firm's profits? I. its technology II. its information III. the market in which it operates
A) I only B) I and II C) II and III D) I, II and III
A method that is technologically inefficient
A) might or might not be economically efficient. B) can never be economically efficient. C) results from failure to calculate the ratio of the cost of labor to the cost of capital. D) means that it uses too much labor and too little capital.