Which of the following may be used by a plumber's union or a medical professional association to restrict membership?
a. all of the following are correct
b. long apprenticeship periods
c. difficult qualification exams
d. stringent education standards
e. high initiation fees
A
Economics
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Refer to Figure 4-11. What is the value of consumer surplus after the imposition of the price floor?
A) $1,500 B) $2,700 C) 4,500 D) $5,700
Economics
Look at this producer surplus graph. If Caroline is already producing wheat at P1, what happens when the price moves to P2?
a. Her producer surplus will decrease.
b. Her producer surplus will increase.
c. Nothing happens because she is already producing at a lower price.
d. She will have to produce more to make the same total profit.
Economics