In Ancient Egypt, the "Bronze Law" set maximum prices for wages, preventing them from rising above what rulers perceived as the minimum needed to survive. If this was 10¢ a day for a porter (someone who carries things short distances) and the market wage was 8¢ a day, which of the following would be a plausible consequence of this law?
A) Porters would travel less quickly than they otherwise would.
B) Porters would transport items they normally would not.
C) Unemployment for porters would decrease.
D) Nothing unusual would happen.
Correct Answer:
Verified
Q1: Which statement is NOT an effect of
Q3: Economists call the maximum legal price a
Q4: When the maximum legal price is below
Q5: Use the following to answer questions:
Figure: Price
Q6: Price ceilings do not have much effect:
A)
Q7: Use the following to answer questions:
Figure: Price
Q8: Use the following to answer questions:
Figure: Price
Q9: A legal maximum price at which a
Q10: A price ceiling:
A) is a maximum price
Q11: In the case of a binding price
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