Answer:
A binding price floor is set above the equilibrium price as a minimum price
A binding price ceiling is set below the equilibrium price as a maximum price
Equilibrium price is $1.50
a) The government prohibits donut shops from selling donuts for more than $1.10 each = Price ceiling and it is Binding
b) The government has instituted a legal minimum price of $1.80 each for donuts = Price Floor and it is Binding
c) Due to new regulations donut shops that would like to pay better wages in order to hire more workers are prohibited from doing so = Price ceiling and it is non-binding (as firms are wiling to offer higher wages than the minimum wage rate)
Explanation:
Answer: A - As a store of value, which facilitates the accumulation of wealth and value over time
Explanation: Money is defined as a medium of exchange and as a store of value. Money is anything that can be used as an exchange for goods and services. There are various functions of money and they are:
1. Medium of exchange - it can be used to settle all transactions for goods and services.
2. Measure of value - it can be used to measure the worth of goods and services.
3. Store of value -it can be stored now for the future. It is a way to store up wealth for the future.
Puerto Rico
Explaination: Look on the map
<span>Art, literature, and religion played a major role in fostering a
keen sense of unity within medieval African communities. This was made possible
by the fact that these three entities (Art, literature and religion) have the ability
to bring people together in different ways.</span>
