Answer:
Price ceiling creates black markets
Price ceiling is when the government or an agency of the government sets the maximum price of a good or service. Price ceiling is binding if it is set below equilibrium price.
When a binding price floor is established, producers would earn less profits and as a result they would stop selling their products in the free markets. This would lead to scarcity and a result a black market can emerge. Goods would be sold at a higher price in the black markets than it would in the free markets.
So, black markets can arise as a result of price ceiling and the need of producers to earn higher profits
b. During the war, when there was a rationing of meat. Farmers declared less animal births to authorities and sold the undeclared livestock in the black market.
Also, in less developed countries e.g. Nigeria, when there is scarcity of fuel. Black markets arise where fuel are sold for higher prices
Explanation:
Answer:
C) facility location
Explanation:
There are three components or principle of servicescape that are applied for the study as a measure for satisfaction that involves the condition related to the ambient, spatial layout & functionality, and the symbol, sign & artifacts
But do not include the facility location
Therefore the option C is selected as it does not involed in the service scape
Answer: Her income elasticity of demand for cottage cheese is <em><u>0.3333</u></em> making it a <em><u>normal and necessary</u></em> good.
The income elasticity of demand is given by :
The percentage change in income is given as 60%. We calculate the percentage change in quantity demanded as follows:
Substituting the value above in the income elasticity demand formula we get,
<u>YED = 0.33333</u>
Since the income elasticity is positive, and since Shawna buys more cottage cheese after an increase in income, we can classify this good as a normal good.
Since the income elasticity is between 0 and 1 we can also conclude that cottage cheese is also a essential good or a necessity.
Option a, With respect to the employment-at-will doctrine, this is an example of the doctrine
.
<u>Explanation:
</u>
Under labor law reintegration applies to the reinstatement of the employee into a position he has quit without losing seniority or other benefits. Typically required, along with the severance pay, under unfair situations, by an organization such as the National Labor Relations Board or the judiciary
Reinstatement is open for those who have served a government job or work position in the past. The reinstallation privilege does not; however ensure an offer to work.
A legal doctrine is a history, a set of rules, practices, or measures which are often laid down in common law by precedent, by which rulings in a particular legal case can be made.