Refer to Figure 6-17. A government-imposed price of $24 in this market is an example of
Refer to Figure 6-17. A government-imposed price of $24 in this market is an example of
a non-binding price ceiling that creates a shortage.
b. binding price floor that creates a surplus.
c binding price ceiling that creates a shortage.
d a non-binding price floor that creates a surplus.
Homework Answers
Ans: b) binding price floor that creates a surplus.
Explanation:
Binding price floor is the price which is set above the equilibrium price by the government. It means, price will not fall below this level. At this price , there will be surplus in the market. In the above figure , the equilibrium price is $20. A government imposed a price of $24 which is above the equilibrium price in this market. So this price becomes binding price floor.
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