When prices are fixed for a period of time,such as with long-term contracts that fix wages,then
A) the government needs to intervene to adjust prices.
B) prices adjust,but not quickly enough to avoid shortages or surpluses.
C) prices do not adjust to changes in market conditions.
D) prices adjust instantly.
E) None of the above.
Correct Answer:
Verified
Q134: A price ceiling is
A)the lower bound that
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Q136: Which of the following is an example
Q137: Suppose the price in a market does
Q138: If the minimum wage is set above
Q139: A price floor is
A)the lower bound that
Q140: Minimum wage laws are an example of
A)a
Q141: If wage rates are set in long-term
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