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1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of donuts is $1.50 each. Complete the following table by indicating whether each of the statements is an example of a price celling or a price floor and whether it is binding or nonbinding. Statement Price Control Binding or Not Due to new regulations, donut shops that would like to pay better wages in order to hire more workers are prohibited from doing so. The government prohibits donut shops from selling donuts for more than $1.80 each. The government has instituted a legal minimum price of $1.80 each for donuts.D Question 14 1 p Consider a natural monopoly with a large fixed cost and a small and constant marginal cost per unit produced that does not receive any subsidies. Which of the following statements is true? 1. The government should intervene to make sure that there are at least two firms operating in the market which will reduce the prices and costs of the product. II. Government regulation involving marginal cost pricing eliminates the deadweight loss and the monopoly remains profitable. Ill. Government regulation involving average cost pricing always maximizes total surplus. None of the other answers is correct only II is true O only I is true O only Ill is true only II and Ill are true D Question 15 1 ptsView History Bookmarks Window Help $ 16% vsu.view.usg.edu C Updat Quizzes - The Environment of Business Section B Fall 2019 CO - Valdosta State University Some a available m 4 imit: 1:15:00 Time Left:0:19:54 Marlene Frauenfelder: Attempt 1 1: Question 5 (3.57 points) Saved 2 3 A tort resulting from an injury where the defendant failed to use reasonable care is called. 6 . Negligence. 9 Careless Torts. Strict liability. 11 12 Intentional Torts. 14 15 Question 6 (3.57 points) Saved 17 18 Which of the following business dies when the owner dies? Limited liability Company 20 21 . C Corporation Limited Partnership 12 Q Search or enter website name &1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon. 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. Statement Price Control Binding or Not Due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from doing so. The government has instituted a legal minimum price of $2.70 per gallon for gasoline. The government prohibits gas stations from selling gasoline for more than $3.40 per gallon.QUESTION 3 Which of the following statements is most likely to be true of administrative agencies? Administrative agencies have the power to implement laws. O Administrative agencies are set up by the judicial branch of the government. O The heads of federal administrative agencies are appointed by the Supreme Court. O Administrative agencies do not have the authority to decide cases