A good example of a government-imposed-price ceiling is: rent controls.
<h3>What is a Price Ceiling?</h3>
Price ceiling refers to the maximum amount of a good or service that is imposed by the government. It is useful in preventing the exploitation of the economy by entrepreneurs.
An example of a government-imposed-price ceiling is rent control. The government could impose a maximum amount for rentals to prevent exploitation by landlords.
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A measure of social class that is based on income, wealth, prestige and power is called socioeconomic status.
What is Socioeconomic Status?
A person's socioeconomic status is a combined economic and sociological assessment of their level of education, employment history, access to resources, and standing in society.
Therefore,
A measure of social class that is based on income, wealth, prestige and power is called socioeconomic status.
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Answer:
It's a magnificent combination of capitalism and socialism.
Explanation:
A mixed economic structure safeguards private property and enables for a degree of economic independence in the usages of resources and also requires governments to intervene in economic initiatives to achieve social objectives. Although the market forces make a decision on costs, demand, supply, etc., there is some government involvement to avoid monopolistic practices and institutional discrimination. There is the independence of economic operation and government involvement with social security under this scheme.
Answer:
Niether firm cheats on the cartel agreement; Gary Cheats on the cartel agreement and Frank doesn't.
Explanation:
Gary's Gas and Frank's Fuel are examples of a duopoly.
A duopoly is when two firms dominate an industry.
A cartel is when firms come together collusively in order to increase their profits.
A cartel involves either agreeing on the price to sell a product or the quantities of a product to produce.
When two firms form a cartel and one firm cheats on the agreement, the party that cheats earns the highest profits.
When two firms form a cartel and both firms cheat on the agreement, both parties earn the lowest profit.
When two firms form a cartel and both firms keep to the agreement, the profit earned by both firms is higher than when both parties cheat on the agreement but lower than the profit earned when one company cheats.
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