Price floors in agriculture lead to
A) efficient farming techniques being employed.
B) surpluses of supported farm products.
C) more competition in farming.
D) the most efficient market solution.
B
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Suppose Larry, Moe, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid. This maximum is called
a. a resistance price. b. willingness to pay. c. consumer surplus. d. producer surplus.
A microeconomist would study all of the following issues EXCEPT
A) the impact of a change in consumer income on the sales of corn. B) the impact of a snowstorm on the sales of snow shovels. C) the most efficient means for General Motors to produce an automobile. D) the effect of a change in income taxes on the nation's rate of unemployment.