22) Which term refers to a legally determined minimum price that sellers may receive? a. A...
22) Which term refers to a legally determined minimum price that sellers may receive? a. A subsidy. b. A tariff. c. A price floor. d. A price ceiling.
Homework Answers
The legally determined minimum price that sellers may receive is the price ceiling. This price is below the equilibrium price and can't be raised above the limit set by the government. The answer is "A".
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22) Which term refers to a legally determined minimum price that
sellers may receive? a. A...
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...
18. If there is a decrease in demand, total surplus A) will increase B) will remain...
18. If there is a decrease in demand, total surplus A) will increase B) will remain the same. C) may change, but we can't tell how D) will decrease 19. For calculating producer surplus, it is important to distinguish between the minimum price at which a seller is willing to sell a good and the seller's cost. A) True B) False 20. A price that the government guarantees farmers will receive for a particular crop is: A) a price ceiling....
The price received by sellers in a market will increase if the government decreases a Answers:...
The price received by sellers in a market will increase if the government decreases a Answers: a. binding price floor in that market b. binding price ceiling in that market c. tax on the good sold in that market d. None of the above is correct
1) A price ceiling is a price A) below which a seller cannot legally sell B)...
1) A price ceiling is a price A) below which a seller cannot legally sell B) above which a seller cannot legally sell C) that creates a surplus of the good D) Both answers A and C are correct 2) Sherry wants to rent an apartment. Although rents are below what she is willing to pay, she cannot find an apartment. Then after a month of searching, she finds an apartment but she has to pay an additional $1,000 to...
7.A price floor is a legal maximum price. a legal minimum price. the price which the...
7.A price floor is a legal maximum price. a legal minimum price. the price which the legally-permissible price cannot go above. a price which cannot legally be charged. 8.A binding price floor will cause quantity demanded to exceed quantity supplied. will cause quantity supplied to exceed quantity demanded. will increase total well-being. will set a legal maximum price in a market
When a binding price floor is imposed on a market to benefit sellers, a. no sellers...
When a binding price floor is imposed on a market to benefit sellers, a. no sellers actually benefit. b. some sellers benefit, but no sellers are harmed. c. some sellers benefit, and some sellers are harmed. d. all sellers benefit.
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...
A tax imposed on the sellers of a good will a. raise both the price buyers...
A tax imposed on the sellers of a good will a. raise both the price buyers pay and the effective price sellers receive. b. raise the price buyers pay and lower the effective price sellers receive. c. lower the price buyers pay and raise the effective price sellers receive. d. lower both the price buyers pay and the effective price sellers receive. Part B. When studying how some event or policy affects a market, elasticity provides information on the a....
Refer to the Figure. Which of the following statements is correct?
Refer to the Figure. Which of the following statements is correct? A Aprice floor set at $9 would result in a surplus B A price floor set at $6 would be binding, but a price floor set at $8 would not be binding C Aprice ceiling set at $9 would result in a surplus. D Aprice ceiling set at $10 would be binding, but a price ceiling set at $6 would not be bindingRefer to the Figure. How is the burden of the tax...
Which statement(s) is TRUE? I. Price floors are legally established minimum prices for goods and services....
Which statement(s) is TRUE? I. Price floors are legally established minimum prices for goods and services. II. Price floors create surpluses, whereas price ceilings create shortages. III. Price floors reduce quality of goods and services
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...
18. If there is a decrease in demand, total surplus A) will increase B) will remain the same. C) may change, but we can't tell how D) will decrease 19. For calculating producer surplus, it is important to distinguish between the minimum price at which a seller is willing to sell a good and the seller's cost. A) True B) False 20. A price that the government guarantees farmers will receive for a particular crop is: A) a price ceiling....
The price received by sellers in a market will increase if the government decreases a Answers: a. binding price floor in that market b. binding price ceiling in that market c. tax on the good sold in that market d. None of the above is correct
1) A price ceiling is a price A) below which a seller cannot legally sell B) above which a seller cannot legally sell C) that creates a surplus of the good D) Both answers A and C are correct 2) Sherry wants to rent an apartment. Although rents are below what she is willing to pay, she cannot find an apartment. Then after a month of searching, she finds an apartment but she has to pay an additional $1,000 to...
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