Mariah received a promotion at work and wanted to replace her mobile phone with a more expensive smartphone that she could now afford. The lower-priced cell phone that Mariah no longer wanted to have is an example of which type of good? a. Inferior good
b. Veblen good
c. Giffen good
d. Normal good

(blank) is the type of competition that occurs in a competitive market without identical producers.

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. 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 results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.

:; )write a paragraph of two to three sentences and describe what will happen to a society that does not have a productive workforce?