Refer to Figure 5.2. An example of an effective price ceiling would be if the government set rental rates for apartments at
25. Refer to Figure 5.2. An example of an effective price ceiling would be if the government set rental rates for apartments at
a $700 b.$600 c. $400. d.$500.
26. Refer to Figure 5.2. At the effective (binding) price ceiling:
a quantity supplied exceeds quantity demanded
b. demand exceeds supply
c. supply exceeds demand
d. quantity demanded exceeds quantity supplied
27. Refer to Figure 5.2. At the effective (binding) price ceiling
a. the price will remain constant because the market is in equilibrium.
b. the price will increase because there is an excess demand in the market.
c. the price will decrease because there is an excess supply in the market
d the price will remain constant because the price is set by the government.
28. Minimum wage is an example of
a. a price ceiling
b. a price floor
c. an equilibrium price
d. none of the above
29. At an effective (binding) price floor
a. quantity supplied exceeds quantity demanded
b. demand exceeds supply
c. supply exceeds demand
d. quantity demanded exceeds quantity supplied
30. At an effective (binding) price floor
a. the price will remain constant because the market is in equilibrium
b. the price will increase because there is an excess demand in the market
c. the price will decrease because there is an excess supply in the market.
d. the price will remain constant because the price is set by the government.
Homework Answers
Ans25) the correct option is c) $ 400
Ans26) the correct option is d) quantity demanded exceeds quantity supplied
Ans27) the correct option is b) the price will increase because there is an excess demand in the market.
Ans28) the correct option is b) A price floor
Add Answer to:
Refer to Figure 5.2. An example of an effective price ceiling would be if the government set rental rates for apartments at
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Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80...
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80 104 130 Quantity Suppose the market in the graph is originally in equilibrium at a price of $15. If the government implements a price ceiling at $20, what will be the market outcome? 7. a. Surplus of 90 units b. Surplus of 54 units c. Shortage of 90 units d. Shortage of 54 units e. Market will remain in equilibrium with a quantity of...
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If a price ceiling is imposed below equiibrium in the market for apartments: a. it results...
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