The underground economy
a. includes mining production.
b. is estimated by the government and the estimate is part of official GDP.
c. includes production that uses illegal workers who are paid less than minimum wage.
d. is measured by government officials through tax returns.
e. is difficult to describe but easy to measure.
c
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The above figure shows the demand for cable and the cable company's cost of providing cable
a. What price and quantity will be produced if the company is unregulated and profit maximizes? b. What price and quantity will be produced if the company is regulated using the marginal cost pricing rule? c. What is the advantage of the marginal cost pricing rule? d. What price and quantity will be produced if the company is regulated using the average cost pricing rule? e. What is the advantage of the average cost pricing rule?
Rent controls are an example of a
A) price floor. B) price ceiling. C) price floor for the consumer and a price ceiling for the producer. D) nonprice rationing device.