Government imposed price controls often lead to
A) illegal trades of the good.
B) the most efficient use of resources.
C) the equilibrium solution in terms of price and quantity.
D) maximization of profits.
Answer: A
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Western expansion put whites on a collision course with the indigenous people of North America. The major policy of the U.S. government was to
(a) basically ignore them as a separate group and allow them to be naturally assimilated into American life over time. (b) confine them to reservations where they could practice their tribal customs, they could be completely separate from white society with no interference in their affairs, and they could continue to develop and grow their customs and norms based on traditional ways. (c) enslave them as a source of labor for the plantation system. (d) "civilize" them by replacing tribal social structures and values with those more appropriate to white society, such as individual ownership of property, competitive striving for material gain, farming activities for Native American men and housekeeping for Native American women and the replacement of native languages with English among children.
Suppose three firms form a cartel and agree to charge a specific price for their output. Each individual firm has an incentive to maintain the agreement because the firm's individual profits will be the greatest under the cartel arrangement
a. True b. False Indicate whether the statement is true or false