A price ceiling is
A. the lowest price a buyer can pay for a good without having to report the purchase to the government.
B. a legal maximum price that can be charged for a particular good or service.
C. the lowest price a seller can charge for a good without losing all her customers.
D. a legal minimum price that can be charged for a particular good or service.
Answer: B
Economics
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Use the figure below to answer the following question.
The marginal benefit of the second unit of X is ________.
A. 17 B. 4 C. 5 D. 11
Economics
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Economics