Firms entering a perfectly competitive industry will cause the price of the product to
a. fall.
b. rise.
c. remain constant.
d. become more responsive to consumer demand.
a
Economics
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Suppose a binding price floor on sparkling wine is proposed by the Health Minister of the country of Vinyardia. What will be the likely effect on the market for sparkling wine in Vinyardia?
A) Consumer surplus will increase. B) Producer surplus will increase. C) Deadweight loss will increase. D) Market efficiency will increase.
Economics
Which of the following is an in-kind transfer payment?
A. Medicaid. B. Social Security. C. unemployment insurance. D. Temporary Assistance to Needy Families.
Economics