Question:
Suppose the government has imposed a price ceiling on cellular phones. Which of the following events could transform the price ceiling from one that is binding to one that is not binding? a. Cellular phones become more popular. b. Traditional land line phones become more expensive. C. The components used to produce cellular phones become more expensive. @ A technological advance makes cellular phone production less expensive.
Answer:
.A technological advance makes cellular phone production less expensive.
Explanation:
Government could in consideration of the product's lower production cost, opt to adjust the price ceiling.
What's the rationale behind this?
The decrease in production cost for cellular phones means the industry can afford to produce and sell at lower price(maybe even lower) than the price ceiling. This would mean that businesses in this industry may be charging incredibly high prices compared to cost of production and still not hit price ceiling. Therefore government may need to lower price ceiling to suit current cost of production.
Unemployment hit millions of Germans, as companies shut down or downsized. Others lost their savings as banks folded.
Answer:
concepts
Explanation:
Concepts: The term 'concepts' is defined as the general notions or abstract ideas that arise in an individual's speech, thought, or in mind. Concepts are said to be the fundamental building blocks of beliefs and thoughts that an individual holds. It is considered to be as mental representations which are being used to group events, information, objects, etc.
In the question above, the given statement signifies the "concepts".
