A price floor is A. almost always equal to the price ceiling. B. the highest possible...
Homework Answers
Answer - C
Floor price is the lowest legal price which may be charged for a good or service. Example, if floor price of a loaf of bread is $1.5, one cannot legally sell bread loaf for less than $1.5
On the other hand, price ceiling is an upper limit for the price. If the price ceiling for a load of bread is $1.5, one cannot sell a loaf of bread for a price higher than $1.5
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A price floor is
A.
almost always equal to the price ceiling.
B.
the highest possible...
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.
A price ceiling is a. often imposed on markets in which “cutthroat competition” would prevail without...
A price ceiling is a. often imposed on markets in which “cutthroat competition” would prevail without a price ceiling. b. a legal maximum on the price at which a good can be sold. c. often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling. d. All of the above are correct. Part B. In a given market, how are the equilibrium price and the...
1. What do a price ceiling and a price floor have in common? A. They increase...
1. What do a price ceiling and a price floor have in common? A. They increase the price of a good or service B. They decrease the price of a good or service C. If they are effective, they both decrease the quantity bought and sold of a good or service D. If they are effective, they both are considered by everyone to be better than the equilibrium E. They have nothing to do with the government 2. Consider the...
1. What do a price ceiling and a price floor have in common? A. They increase...
1. What do a price ceiling and a price floor have in common? A. They increase the price of a good or service B. They decrease the price of a good or service C. If they are effective, they both decrease the quantity bought and sold of a good or service D. If they are effective, they both are considered by everyone to be better than the equilibrium E. They have nothing to do with the government 2. Consider the...
5. (1)If there is a price ceiling of $10,000/month for a 2 bedroom apartment, based upon...
5. (1)If there is a price ceiling of $10,000/month for a 2 bedroom apartment, based upon the current market, what would you expect to happen? 6. (1)If the government imposed a price ceiling of 50 cents for a gallon of gasoline, would there be a surplus. shortage or do you lack information to make a good guess? Explain your answer for the point. 7. (1)A binding price floor will lead to the quantity supply being (greater than OR less than...
suppose policy makers decide to impose a price ceiling on a good they think QUESTION 20...
suppose policy makers decide to impose a price ceiling on a
good they think
QUESTION 20 Suppose policymakers decide to impose a price ceiling on a good because they think the market-determined price is too high. if the government imposes the price ceiling below the equilibrium price, as the government of Venezuela is currently doing in many markets- including the market for food, (choose all correct answers) producers will respond to the lower price by offering fewer units for sale...
QUESTION 20 5 points Suppose policymakers decide to impose a price ceiling on a good because...
QUESTION 20 5 points Suppose policymakers decide to impose a price ceiling on a good because they think the market-determined price is too high. If the government imposes the price ceiling below the equilibrium price, as the government of Venezuela is currently doing in many markets including the market for food, (choose all correct answers) A surplus will arise at the new lower price. A shortage will arise at the new lower price Consumers will waste a lot of time...
I need help with these Mcq's please. Thank you 22. In general, the price buyers pay...
I need help with these Mcq's please. Thank you
22. In general, the price buyers pay in a market will decrease if the government increases a binding price floor in that market. b. a. increases a binding price ceiling in that market. decreases a tax on the good sold in that market. d. C. More than one of the above is correct 23. Which of the following is the most likely explanation for the imposition of a price ceiling on...
1. When will a minimum wage be an effective price control? When it is a... A....
1. When will a minimum wage be an effective price control? When it is a... A. Maximum "price" that is above the equilibrium price B. Maximum "price" that is below the equilibrium price C. Minimum "price that is above equilibrium price 2. Many major U.S. cities have adopted rent controls for some housing. An effective rent control is what kind of price control? A. A price ceiling with a maximum price above equilibrium price. B. A price floor with a...
When a government imposes a price ceiling below the market price on a product or service,...
When a government imposes a price ceiling below the market price on a product or service, which of the following happens? a.Total consumer surplus rises because consumers now pay less for the product b.The total amount of the product or service that is traded in the market rises due to the lower price c.A shortage of supply relative to demand results A per unit tax on a good which is levied on the consumer will usually cause which of the...
5. (1)If there is a price ceiling of $10,000/month for a 2 bedroom apartment, based upon the current market, what would you expect to happen? 6. (1)If the government imposed a price ceiling of 50 cents for a gallon of gasoline, would there be a surplus. shortage or do you lack information to make a good guess? Explain your answer for the point. 7. (1)A binding price floor will lead to the quantity supply being (greater than OR less than...
suppose policy makers decide to impose a price ceiling on a
good they think
QUESTION 20 Suppose policymakers decide to impose a price ceiling on a good because they think the market-determined price is too high. if the government imposes the price ceiling below the equilibrium price, as the government of Venezuela is currently doing in many markets- including the market for food, (choose all correct answers) producers will respond to the lower price by offering fewer units for sale...
QUESTION 20 5 points Suppose policymakers decide to impose a price ceiling on a good because they think the market-determined price is too high. If the government imposes the price ceiling below the equilibrium price, as the government of Venezuela is currently doing in many markets including the market for food, (choose all correct answers) A surplus will arise at the new lower price. A shortage will arise at the new lower price Consumers will waste a lot of time...
I need help with these Mcq's please. Thank you
22. In general, the price buyers pay in a market will decrease if the government increases a binding price floor in that market. b. a. increases a binding price ceiling in that market. decreases a tax on the good sold in that market. d. C. More than one of the above is correct 23. Which of the following is the most likely explanation for the imposition of a price ceiling on...
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