A good example of a price floor is
a. rent controls on rental apartments in major cities
b. the cheapest tickets to concerts
c. the minimum wage law
d. food stamps provided to low-income people who use them to purchase specific basic foods at retail stores, such as corner groceries and supermarkets
e. discount airfares
C
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If Bonnie can produce either 10 hats or 20 scarves in a month, and Phil can produce either 5 hats or 10 scarves in a month then
A) Bonnie is more efficient at producing hats, compared to Phil. B) Bonnie is more efficient at producing scarves, compared to Phil. C) both A and B above are true. D) none of the above is true.
The income and substitution effects of a change in the wage rate
a. always work in the same direction b. always work in opposite directions c. work in opposite directions only if the change is a decrease d. work in the same direction only if the change is an increase e. work in the same direction only if the change is a decrease