Question

Frederick MacMillan innovated a type of this economic construct for reselling Alfred Marshall’s Principles of Economics, although that was later made illegal in the Dr. Miles case. Per the Shapiro-Stiglitz model, (-5[1])firms create one of these constructs in the labor market by paying workers a wage based on efficiency to prevent shirking. India’s agricultural MSPs are an example of these constructs, which transfer (*) consumer surplus to producer surplus but generate deadweight loss. On a graph of supply and demand, a binding one of these constructs is represented as a horizontal line above the (-5[1])equilibrium (10[1])point, such as the minimum wage in a graph of (10[1])labor. For 10 points, name these artificial minimum values for the cost of purchasing something. (10[1])■END■

ANSWER: price floors [accept price supports; accept resale price maintenance or RPM; accept vertical price fixing; prompt on floors or supports; prompt on vertical restraints with “What economic construct as a vertical restraint?”; do not accept or prompt on “price(s)”]
<Benjamin McAvoy-Bickford, Social Science>
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PlayerTeamOpponentBuzz PositionValue
Will AlstonWe joppingIll-Advised Buzz30-5
Mike BentleyWhy the Kremlin Hates BananasKhalil v Carbolic Shisha Ball Co92-5
Forrest WeintraubYou like geography? Name every Forrest.bruh9310
Dan NiTOADStatler and Waldorfesque Former Penn Bowl Editors10310
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Tony ChenKhalil v Carbolic Shisha Ball CoWhy the Kremlin Hates Bananas13610

Summary

2024 Penn Bowl Playtest10/12/2024Y4100%0%50%112.50