Answer and Explanation:
According to the scenario, computation of the given data are as follow:-
Price ceiling:-This is show the limit of the price on maximizing value of the product which is decided by government and his imposed group for customer.
Binding:-The binding price ceiling is below the equilibrium price.
Unbinding:-The unbinding price ceiling is above equilibrium price.
Price floor:-This is show the limit of the price on lower value of the product which is decided by government and his imposed group for customer. A price floor must be higher than the price equilibrium price in order to be effective.
Binding:-The binding price floor is above the equilibrium price.
Unbinding:-The unbinding price floor is below the equilibrium price.
It is given that the equilibrium price of milk is $2.50 per gallon.
Statement 1:-This is the example of price floor and binding because minimum price of $2.30 per gallon is decided.
Statement 2:-This is the example of price floor and binding because minimum price of $3.40 per gallon is decided for gasoline.
Statement 3:-This is the example of price floor and binding because teenagers are not hired due to minimum-wage laws.
Answer:
Option (a) is correct.
Explanation:
According to the law of demand, there is an inverse relationship between the price of the product and the quantity demanded for that product. Hence, if there is an increase in the price of the good then as a result this will decrease the quantity demanded for the good and if there is a fall in the prices of the goods then as a result the quantity demanded for the goods increases.
Therefore, the change in the price level of the goods represents the cause and its effect is the change in the quantity demanded for the goods that a consumer want to purchase.
Answer:
President Richard NIxon
Explanation:
The President Nixon administration came up with the idea to decentralize power as well as some programs to the state governments of the USA to reduce the pressure on the Federal government in the wake of the continued unrest from the Vietnam war alongside unemployment, etc.
In decentralizing power and programs, the giving of block grants and aids to states ensured the reduction in the dependence of the economy on the federal government and as such states began to take care of problems within it.
Cheers.
Answer: The answer is $ 1266.
Explanation: If the commission rate is 6%
The commission is = 105500. 0.06 = 6330
40% is for the listing broker = 6330. 0.4 = 2532
And half is for his salesperson = 2532/2 = 1266.
The listing salesperson receive from this sale $ 1266.
