Refer to the diagram. Diseconomies of scale:
A. begin at output Q 1 .
B. occur over the Q 1 Q 3 range of output.
C. begin at output Q 3 .
D. are in evidence at all output levels.
C. begin at output Q 3 .
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A government policy that prevents the price of a good or service from falling below a specified level is called a price floor and usually results in
a. a shortage. b. a surplus. c. a black market. d. fewer producers of the good or service. e. a decrease in demand.
What problem does the government have that makes price regulation less than an ideal solution?
a. There is no effective way to enforce price regulation. b. The government cannot tell what price a firm is charging. c. Regulators frequently will not have the information they need to set prices. d. Regulation often will lead to lower costs.