Q: Would increasing the amount of the federal minimum wage hurt the US economy? What have economists…
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A: Price control is the situation when the ruling authority/government intervene in the market to…
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Q: short note on subsidies? short note on price control?
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Q: A price floor for commodity crops would always make farmers better off. True or false?
A: "A price floor is referred to as a limit on how low price can be charged for a commodity."
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A: Equilibrium is achieved at the output level where quantity demanded equals quantity supplied.
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A: Lump of Labor Fallacy: This was the mistaken belief that in an economy there is a fixed number of…
Q: Consider the supply at a price of $2. Quantity Demanded Market 12 Price Ying Som Fon Nam Gob Yam…
A: The law of supply states that there exists direct relation between price and quantity supplied…
Q: Discuss the type of price floor that can be implemented by a government to protect vulnerable labour…
A: Price floor A price floor is a price that is imposed by the government of the country. When the…
Q: In 1994, 565 economists sent President Bill Clinton a letter warning against the economic…
A: The price controls such as the price ceilings are considered to be good for the welfare of the…
Q: Should the government raise the minimum wage? Why or why not? Take a stand and explain.
A: Minimum wage is the equilibrium wage that is determined in the labor market by the the intersection…
Q: Analyze what happens when a higher minimum wage is enacted (raising a price floor on the price of…
A: A higher minimum wage means that the minimum wage is binding and above the equilibrium wage rate.…
Q: Are modern price controls such as ceiling and floors, similar? Why or why not?
A: Price ceiling is below equilibrium price level.
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Q: Black markets often emerge when products/services are banned or subject to price controls. They are…
A: A black market refers to a market in which goods and services are sold illegally. The way through…
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A: Rent control is an upper limit on rent imposed by the government.
Q: How can Price Controls destroy wealth?
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Q: Why was Rice Tarrification Law became a law in the Philippines?
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Q: Imagine that the government wages a major war on illicit drugs. Assuming that both at the point of…
A: The answer is - The amount of money recieved by the drug dealers goes down.
Q: What are the advantages and disadvantages of the price system?
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Q: What showed Americans that they were dependent on the global price of oil
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Q: A Pi P. F D D Figure 1 Figure 1 represents the case of a price floor, denoted Pr. Without any…
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Q: Is it true that “supporters of import restrictions favor producer welfare than consumer welfare”?…
A: Import restrictions are defined as the various policy measures taken by the government to restrict…
Q: Which of the following social movement strategies was used by the United Farm Workers to get…
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Q: Governments continue to impose price controls. Which statement is NOT a valid explanation of this?…
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Q: Why Malaysian governments often fail to implement market policy? Give an example.
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Q: Which of the following is a challenge of government setting a price floor? A risk of excess supply…
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Q: Why might producers argue for a price floor if it ends up making society worse off
A: Price floor is the least legal price of a good or service. Example of price floor minimum wage rate
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- Why is there a price hike in sugar in the Philippines?When did Price-Fixing start in the Philippines? When did it stop and what act or law stopped it. Give companies in the Philippines that were fined for price-fixing.Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the demand for coffee? Why?
- Much of the demand for U.S. agricultural output has come from other countries. In 1998, the total demand for wheat was Q = 3244 - 283P. Of this, total domestic demand was QD = 1700 - 107P, and domestic supply was QS =1944 + 207P. Suppose the export demand for wheat falls by 40%. a. U.S. farmers are concerned about this drop in export demand. What happens to the free-market price of wheat in the United States? Do farmers have much reason to worry? b. Now suppose the U.S. government wants to buy enough wheat to raise the price to $3.50 per bushel. With the drop in export demand, how much wheat would the government have to buy? How much would this cost the government?How can a price ceiling make consumers better off? Under what conditions might it make them worse off?Explain why price controls have resulted in shortages of basic foodstuffs in the shops in Venezuela. Use a demand and supply diagram to support your answer
- What impact do policy interventions have on the supply and demand equilibrium for a product?Is introducing a minimum price a better way of reducing consumption than trying to change peoples’ attitudes?What will be the result of an decrease in a price ceiling for gasoline? Group of answer choices The quantity will decrease because the quantity demanded will decrease. The quantity will remain the same; only the price will change. The quantity will increase because the quantity demanded will increase. The quantity will decrease because the quantity supplied will decrease.