Profit Answers

A consumer might respond to a negative incentive by

What is the difference between a price floor and a price ceiling?

Which is an example of a product that is considered a need?

Goods that are considered to be needs tend to be

The lowest amount a manufacturer can pay factory workers is an example of

The graph shows the price of green tea compared to the amount supplied by producers.What does this graph suggest about green tea? Choose two answers.Green tea is elastic in terms of supply.Green tea is inelastic in terms of supply.Green tea is neither elastic nor inelastic.The supply of green tea changes sharply with the price.The quantity supplied of green tea does not change sharply with the price.

The government has set a price floor on bread. Manufacturers cannot sell loaves for less than $5.00, which is a dollar above the market price. What will most likely result from this price control?

A pair of stylish sneakers could be considered a because it is not a necessity.