Statement Price Control Binding or Not The government has instituted a legal minimum price of $2.30 per gallon for milk. Price ceiling Due to new regulations, grocery stores that would like to pay better wages in order to hire more workers are prohibited from doing so. The government prohibits grocery stores from selling milk for more than $2.30 per gallon.

A surplus in a competitive market occurs when the: quantity demanded exceeds the quantity supplied and the price is below the equilibrium price. Oprice is below the equilibrium price. quantity demanded exceeds the quantity supplied. Oprice is above the equilibrium price.

Take care of plagiarism.   1.A 10% increase in price that leads to a 12% decrease in the amount purchased indicates a price elasticity of more than 1 (in absolute value). True False   2. A 10% increase in price that leads to a 2% decrease in total expenditures (or total revenue) indicates a price elasticity of more than 1 (in absolute value). True False   3. If the percentage change in price is less than the resultant percentage change in quantity demanded, demand is__________ .(elastic/inelastic/unit elastic)

If the value of price is $13 and the quantity is $14 find the total revenue

Is there an economic case of banning short selling in the United States?

The supply curve will be more price elastic if the good has few substitutes the time the producer has to adjust is long demand is price elastic demand is price inelastic

If consumers' sensitivity to price changes makes demand elastic, then a price decrease leads to: an increase in total revenue. a decrease in supply. an increase in supply. a decrease in total revenue.

Price(dollars per bushel) Quantity demanded(bushels) 8 2,000 7 4,000 6 6,000 5 8,000 4 10,000 3 12,000 The table above gives the demand schedule for snow peas. The demand curve for snow peas is a straight line and so the elasticity of demand is   the same at all prices but not 1.   1 at all prices.   higher at higher prices.   lower at higher prices.