7.A price floor is a legal maximum price. a legal minimum price. the price which the...
7.A price floor is
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8.A binding price floor
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Homework Answers
a) A price floor in the market is the legal minimum price, the answer is "B". For example a minimum wages, it's the lowest that can be paid in the market
b) "B"
A binding price floor will cause quantity supplied to exceed quantity demanded.
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7.A price floor is
a legal maximum price.
a legal minimum price.
the price which the...
1.Positive analysis involves the formulation and testing of hypotheses. involves value judgments concerning the desirability of...
1.Positive analysis involves the formulation and testing of hypotheses. involves value judgments concerning the desirability of alternative outcomes. weighs the fairness of a policy. examines if the outcome is desirable. 2.Because a price ceiling causes a shortage, some form of rationing must occur. a surplus, some form of rationing must occur. a shortage, the outcome will be efficient. a surplus, the outcome will be inefficient. 3.For a price ceiling to have an impact on a market, it must be set...
Setting the maximum legal price above the market price will cause: A. the market to reach...
Setting the maximum legal price above the market price will cause: A. the market to reach an equilibrium outcome. B. a shortage to develop. C. quantity supplied to exceed quantity demanded. D. market inefficiencies.
A price floor? a. sets a legal minimum on the price at which a good can...
A price floor? a. sets a legal minimum on the price at which a good can be sold. b. will be effective if it is set below the equilibrium price. c. sets a legal maximum on the price at which a good can be sold. d. is usually implemented by the government to protect consumers.
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...
The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor...
The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor market will (x) reduce the number of unskilled persons employed because of a decrease in the quantity supplied of labor (y) increase the unemployment rate because of a decrease in the quantity demanded of labor (z) reduce employment of unskilled persons because of a decrease in the quantity demanded of labor. A. (x), (y) and (z) B. (x) and (y) only C. (x) and...
The imposition of a binding price floor on a market causes quantity demanded to be greater...
The imposition of a binding price floor on a market causes quantity demanded to be greater than quantity supplied causes quantity demanded to be less than quantity supplied. causes quantity demanded to be equal to quantity supplied causes a decrease in demand.
please, choose the right options to these questions. Explanation is NOT NEEDED. If the income elasticity...
please, choose the right options to these questions. Explanation is NOT NEEDED. If the income elasticity of demand for a good is 0.59, then it is what type of good? Price elastic. Price inelastic. Income elastic. Income inelastic. If the equilibrium price of aspirins is $2.50 for 250 tablets and the government imposes a rise ceiling at 2.00$ for 250 tablets, the eventual result will be a (an) Surplus. Shortage. Accumulation of inventories of unsold aspirins. None of the above....
A binding price floor exists when the price is not allowed to increase above a certain...
A binding price floor exists when the price is not allowed to increase above a certain level. True False Effective and binding price floors will NOT lead to a social surplus "dead-weight-loss." True False Inferior goods are negatively correlated to changes in income, i.e., as income increases the demand for inferior goods decreases. True False If the price of tennis rackets increases and causes the demand for tennis balls to shift to the left, Tennis rackets and tennis balls are...
Which of the following is an example of a price floor? O A. a law setting...
Which of the following is an example of a price floor? O A. a law setting the highest price that can legally be charged for a gallon of gasoline OB. an equilibrium price O c. a law passed in a city to lower apartment rents by setting the maximum price that can be charged for rent OD. a minimum wage law O E. None of the above answers give examples of a price floor.
Suppose the government decides to eliminate a binding price floor that it had previously imposed on...
Suppose the government decides to eliminate a binding price floor that it had previously imposed on a particular good. It can be expected that o o -16: A. the price would decrease, the quantity demanded would increase and the quantity supplied would decrease. B. the price would increase, the quantity demanded would decrease and the quantity supplied would increase. C. the price would increase, the quantity demanded would increase and the quantity supplied would decrease. D. the price would decrease,...
The imposition of a binding price floor on a market causes quantity demanded to be greater than quantity supplied causes quantity demanded to be less than quantity supplied. causes quantity demanded to be equal to quantity supplied causes a decrease in demand.
Which of the following is an example of a price floor? O A. a law setting the highest price that can legally be charged for a gallon of gasoline OB. an equilibrium price O c. a law passed in a city to lower apartment rents by setting the maximum price that can be charged for rent OD. a minimum wage law O E. None of the above answers give examples of a price floor.
Suppose the government decides to eliminate a binding price floor that it had previously imposed on a particular good. It can be expected that o o -16: A. the price would decrease, the quantity demanded would increase and the quantity supplied would decrease. B. the price would increase, the quantity demanded would decrease and the quantity supplied would increase. C. the price would increase, the quantity demanded would increase and the quantity supplied would decrease. D. the price would decrease,...
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