Q. How does a price ceiling undermine the rationing function of market-Concluded prices? How could rationing coupons insure which consumers with the highest values get the limited amount of a good supplied when government price ceilings create shortages? Fully explain your answer based upon demand, provide also marketplace equilibrium.
Q. Illustrate what might you call an outward shift of a nation's production possibilities frontier?
Q. If the company transferred $234,000 of completed goods from work in process to finished goods inventory during April, illustrate what was the cost of goods sold for the month?