The above table has the total product schedule for Joe's Barber Shop. Joe charges $6 per haircut. If the wage rate is $24 per worker, what quantity of labor will maximize profits?

A price ceiling is binding when

a. the government sets price above market equilibrium price. b. the equivalent of an implicit tax on producers and an implicit subsidy to consumers. c. the government sets price below market equilibrium price. d. Both b and c.

If we included the purchases of used goods in GDP,

a. we would be overestimating GDP b. we would be underestimating GDP c. we would be accurately measuring GDP d. the effect on GDP would vary depending on what year the goods were sold new e. we could offset any measurement problems by also including purchases of stocks and bonds