A) 100,000
B) 86,000
C) 75,000
D) 116,000
E) 0 (zero)
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B
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A) to conduct social engineering via economic rules.
B) to pander to real estate landlords by assuring them a low occupancy rate.
C) to pander to the low income voters by assuring them enough living space.
D) to assist the low income at a cost to society,in convenient,affordable housing.
E) prices that allow rationing to the highest bidder.
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A) Prices in the legal market in the community with a binding price ceiling will rise.
B) Prices in the legal market in the community with a binding price ceiling will fall.
C) There will be shortages in the community with a binding price ceiling.
D) More consumers will purchase products in the community with the price ceiling.
E) The black market in his community will be larger than the black market in the community with the binding price ceiling.
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As the beginning of the chapter narrates...View Answer
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A) They make goods less expensive.
B) They make goods available to the largest number of customers.
C) They encourage producers to produce goods in the most cost-efficient fashion.
D) They help producers receive higher prices for products sold in the legal market.
E) They discourage the formation of illegal black markets.
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A) Government-funded economists have determined that a price floor is good for society,and Congress enacted legislation for it.
B) Major consumers and producers in the soybean market have formed an association that has determined that a price floor would increase profits and lobbied Congress for legislation to enact it.
C) Producers of soybeans know a price floor will protect their profits and they lobbied Congress for legislation to enact it.
D) Consumers of soybeans know a price floor will protect their profits and they lobbied Congress for legislation to enact it.
E) Agricultural workers know a price floor will protect their jobs and they lobbied Congress for legislation to enact it.
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A) a minimum wage law.
B) rent control.
C) a price gouging law.
D) a black market price.
E) a ration price.
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A) 500
B) 54,100
C) 68,000
D) 13,900
E) 21,474
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A) Most employers purchase labor on the black market,where the binding price floor is not present.
B) The minimum wage is an amount suggested by the government,and employers are under no obligation to pay their employees the suggested basic wage.
C) The minimum wage is usually set below the prevailing equilibrium wage and is frequently nonbinding.
D) Employees are often unconcerned with their wages and care more about the benefits that come with the job.
E) Most employees who hold low-wage jobs work in the black market,where the binding price floor doesn't exist.
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A) Demand becomes more elastic.
B) Demand becomes more inelastic.
C) Demand and supply both become more elastic.
D) Demand and supply both become more inelastic.
E) Demand becomes more elastic,but supply becomes more inelastic.
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A) Legal market prices will rise in the community with a binding price ceiling.
B) Legal market prices will fall in the community with a binding price ceiling.
C) The price and the quantity sold in the community without a nonbinding price ceiling will be the same as the price and quantity in the community with a nonbinding price ceiling.
D) There will be more shortages in the community with a binding price ceiling.
E) The black market in the community with a binding price ceiling will not be strong because consumers will simply purchase the product in the community that has no price ceiling.
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As our chapter demonstrates,a minimum wa...View Answer
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A) A black market emerges because buyers are frustrated with shortages of the product.
B) A black market emerges because sellers have an incentive to charge a higher price on the illegal market.
C) A black market emerges because sellers want a market where they can sell higher-quality products.
D) A black market does not emerge; the price will eventually fall to the equilibrium price.
E) A black market emerges because sellers need a way to dispose of surplus product.
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A) all workers.
B) potential workers seeking employment.
C) only those workers in jobs that would normally pay less than minimum wage.
D) only those workers in jobs that would normally pay more than minimum wage.
E) no workers.
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A) price floor.
B) price ceiling.
C) law that requires quantity demanded to equal quantity supplied.
D) law that allows individual employers and employees to make free decisions.
E) law that sets the minimum number of hours that an employee must work for wages during the week.
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A) 100,000
B) 86,000
C) 75,000
D) 40,000
E) 0 (zero)
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E
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A) equilibrium price.
B) price ceiling.
C) price floor.
D) black market price.
E) ration price.
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The public would initially be quite happ...View Answer
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A) hidden
B) noncompetitive
C) black
D) prohibited
E) outlaw
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C
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A) $2.00
B) $5.00
C) $4.00
D) $3.50
E) $4.50
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