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
Japan,Singapore and Malaysia
Explanation:
because they are the closest to Philippines
World war II ended in 1945, it looks like there was a large decline right after in 1946. The cold war began in 1947 until 1991, which is not seen on the graph. But yes, I would say C is the best answer.
A, cant be proven with this graph.
B Nothing about the soviet union on this graph. (unless there is another graph about the soviet union on your quiz?)
D, Wrong because it was at its lowest in 1946 not its highest
