An example of price floor is
a. Minimum wages
b. Rent controls in New York
c. Both a and b
d. None of the above
a
Economics
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In the above figure, between 20 and 25 units per hour, the firm experiences
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) increasing total fixed costs.
Economics
Why is a good considered to be inferior by economists?
a. The change in income and the change in demand move in opposite directions. b. The product has poor quality, thereby lowering demand. c. The change in income and the change in demand move in the same direction. d. The product’s demand decreases despite its high quality.
Economics