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klasskru [66]
3 years ago
9

Suppose that, in a competitive market without government regulations, the equilibrium price of donuts is $1.00 each.Complete the

following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.View complete question »Statement Price Control (ceiling/floor?) Binding or Not (ceiling/floor?)There are many teenagers who would like to work at donut shops, but they are not hired due to minimum-wage laws. The government has instituted a legal minimum price of $1.20 each for
Business
1 answer:
deff fn [24]3 years ago
8 0

Answer:

Government Legal minimum price = $1.20 is case of 'Binding Price Floor'

Explanation:

Price Floor is the minimum base benchmark for price of a good or service. It is usually 'binding' i.e below the equilibrium price, is done to protect the producers from under pricing, based on free market forces. Example : Minimum Support Price for farmer's agricultural products.

In this case, the price floor (minimum mandated price) is in labour market for price of labour i.e wages. It is binding also, since it imposes the minimum price (wage) floor at - wage level greater than the wage as per free market demand & supply forces. Also, it is in interest of sellers (labour sellers here) analogous to farmers MSP previous example.  

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You are considering a car loan with a stated APR of 5.42​% based on monthly compounding. What is the effective annual rate of th
Anon25 [30]

Answer:

The effective annual rate is 5.57%

Explanation:

The interest rate that is actually earned or paid on investment or loan including the compounding effect over a given period of time. It is also known as rate.

Effective interest rate = [ ( 1 + r/m )^m ] - 1

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Concord Company on July 15 sells merchandise on account to Pharoah Co. for $3800, terms 3/10, n/30. On July 20 Pharoah Co. retur
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Answer:

The amount of cash received from this sale on July 24 is $1940.

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Discount allowed = 2000 * 0.03 = $60

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