The regular earnings profile of an individual throughout his or her lifetime is

Does this production function, q = 10L0.5K0.3, experience increasing, decreasing or constant returns to scale?

A) Decreasing because a 100% increase in inputs increases outputs by 80%. B) Increasing because an 80% increase in inputs increases outputs by 100%. C) Decreasing because 0.5 + 0.3 < 1. D) A and C.

A law establishing a minimum legal price for a good or service (the minimum wage for example) is known as

a. an equilibrium price. b. a price floor. c. a price ceiling. d. a price wall.