When a good is made illegal, which of the following definitely results in the price rising?
A) a much higher fine on sellers than on buyers
B) a much higher fine on buyers than on sellers
C) any fine imposed on both buyers or sellers
D) any fine imposed on buyers
A
Economics
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The period of expansion ends with a ________ and the period of recession ends with a ________
A) business cycle peak; business cycle trough B) business cycle trough; business cycle peak C) business cycle peak; business cycle peak D) business cycle trough; business cycle trough
Economics
The difference between the lowest price a firm would have been willing to accept and the price it actually receives from the sale of a product is called
A) producer surplus. B) profit. C) marginal revenue. D) price differential.
Economics