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1 year ago

when a binding price ceiling is imposed on a market for a good, some people who want to buy the good cannot do so.

1 answer:

6 0

when a binding price ceiling is imposed on a market for a good, some people who want to buy the good cannot do so. So the correct answer of your question is True.

Binding Price Ceiling
On the other hand, if a price ceiling's level is set below the equilibrium price that would develop in a free market, it renders the free market price illegal and alters the outcome of the market. As a result, we can begin examining the impacts of a price ceiling by figuring out how a legally binding price ceiling will impact a market that is competitive.

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The budgeted annual cost of operating a post office truck is $5,500 plus $0.50 per mile. In 2008 the truck was to be driven 25,0

finlep [7]

Answer:

The total cost of operating a truck would be $18000 as calculated below.

Explanation:

The total costs of operating the truck is a combination of fixed costs of $5500 per year and variable of $0.50 per mile ,hence the total cost function is given as:

TC=5500+0.50X

Where represents the number of miles driven per year.

Since X=25000 miles

TC=$5500+($0.50*25000)

TC=$5500+$12500

TC=$18000

The understanding here is that wages paid to the two employees working with the truck is already embedded in the fixed costs of $5500 per year, otherwise that would been given as a distinct cost entirely.

7 0

3 years ago

Greece can produce either 100 bushels of oranges or 20 bushels of tomatoes using all of its available resources, and Turkey can

lakkis [162]

Answer:

100 bushels of oranges

Explanation:

A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.

for Greece

opportunity cost of producing oranges = 20 / 100 = 0.2

opportunity cost of producing tomatoes = 100/ 20 = 5

For turkey

opportunity cost of producing oranges = 30 / 40 = 0.75

opportunity cost of producing tomatoes = 40 / 30 = 1.33

Greece has a comparative advantage in the production of oranges. If it specialises in the production of oranges, it would produce 100 bushels

8 0

3 years ago

In making about what to consume, person's goal is to

Inessa05 [86]

Answer:

allocate her limited income among all the products she wishes to buy so that she receives the highest total utility is the correct answer.

Explanation:

5 0

3 years ago

The salient or important attributes about a particular product that a consumer bases his or her product evaluation on are called

solmaris [256]

Answer:Evaluative criteria

Explanation:

7 0

3 years ago

What will happen to the current ratio if current assets increase, while everything else remains unchanged?

Nana76 [90]

The current ratio will increase if current assets increase, while everything else remains unchanged.

This is further explained below.

<h3>What is the current ratio?</h3>

Generally, A liquidity ratio that evaluates a company's capacity to pay short-term debts or those that are due within the next year is called the current ratio.

It explains to investors and analysts how a business may get the most out of the current assets that are shown on its balance sheet in order to pay off its current debt and any other payables.

A current asset is defined as any asset that a company can reasonably expect to sell, consume, or deplete through the normal operations of the business inside the current financial year or an operating cycle, or an economic year.

In other words, a current asset is an asset that will be sold, consumed, or exhausted.

In conclusion, If current assets continue to grow while everything else stays the same, the current ratio will continue to show an upward trend.