Answer:
A price ceiling is a government- or group-imposed price control, or limit, on how high a price is charged for a product, commodity, or service. Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive.
The Correct answer is False
Answer: Create incentives to expand output when resource prices are unresponsive to price-level changes
Explanation:
High price levels indeed create incentives to expand output if resource prices are unresponsive to price changes.
What this means is that, when price levels rise, suppliers tend to take advantage of this rise by producing more if, their INPUTS DON'T increase in price as well.
For example, price of steel goes up by $5 but the price of Iron Ore remains the same.
Suppliers and Producers will produce more steel because they can make a high profit because iron ore prices have not changed.
Answer:
letter A
Explanation:
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Answer:
d) increases, and the labor -force participation rate decreases