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Question
________ constraints add a layer of complexity to decisions involving multiple goods. They force an individual to assemble a consumer optimum that maximizes utility while remaining within the imposed limitations.
a. Budget
b. Brand
c. Utility
d. Marginal
e. Satisfaction
Answer
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The economic entity most likely to engage in price gouging is
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What is the long-run consequence of a price ceiling law?
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b. A surplus will continue to exist and will grow smaller over time.
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Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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Q:
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