Indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
a. There are many teenagers who would like to work at fast-food restaurants, but they are not hired due to minimum-wage laws.
b. The government prohibits fast-food restaurants from selling hamburgers for more than $5 each.
c. The government has instituted a legal minimum price of $5 each for hamburgers.
Answers: 1
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Suppose that kenji, an economist from an am talk radio program, and lucia, an economist from a school of industrial relations, are arguing over health insurance. the following dialogue shows an excerpt from their debate: lucia: a popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. kenji: i think it is oppressive for the government to tax people who take care of themselves in order to pay for health insurance for those who are obese. lucia: i disagree. i think government funding of health insurance is useful to ensure basic fairness. the disagreement between these economists is most likely due to . despite their differences, with which proposition are two economists chosen at random most likely to agree? lawyers make up an excessive percentage of elected officials. minimum wage laws do more to harm low-skilled workers than them. tariffs and import quotas generally reduce economic welfare.
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