Question

Hi, I need help to check my work for these questions please. Thank you so much!

Q1 (1 point). A price ceiling is an upper limit on the price that may be charged for a good. a lower limit on the price that may be charged for a good. O the highest price at which a seller can earn a profit. O an agreement by sellers to keep prices low. Q2 (1 point). A price floor is an upper limit on the price that may be charged for a good. a lower limit on the price that may be charged for a good. O the lowest price at which a seller can earn a profit. there is no such thing as a price floor. Q3 (1 point). A quota is a phrase attributed to someone famous. an amount of a good that a seller must sell to remain in compliance with the law. an amount of a good that a buyer must buy to remain in compliance with the law. an upper limit, established by the government, on the quantity of a good that can be sold

Answer 1

1) price ceiling is usually the maximum price that can be charged for a particular good or service and this is usually below the equilibrium level on the whole and therefore in this regard

(a) is the answer to this question

Because lower limit is price floor and the highest prices break even and the agreement to keep the prices low is a collusion

(b,c,d) are wrong

2) Price flour is the minimum price that should be charged for a gold and in this regard it is usually below the equilibrium level and that's why

(b) is the answer

because upper limit is price ceiling and highest price is regarding break even and agreement to keep the price low is a collusion

(a,c,d) are wrong

3) Quota is nothing but the maximum amount that one can import or sold and it is established by the government and that is the reason why

(d) is the answer to this question

Because this is not a phrase and it is not fixed where the seller can actually sell even less amount of goods as well and it is not regarding the buyer and therefore

(a,b,c) are wrong

4) tax is a charge that the individuals should be the government and it is in accordance with the law and it is compulsory

Therefore (c) is the answer to this question

Because tax is mandatory and it is not a payment received from the government and it is not a donation

(a,b,d) are wrong.

HOMEWORKLIB POLICY says only 1st four question should be answered when multiple questions are posted. Please upvote the solution