Price floors are used as a method to: a. ensure buyers that ...

[CORALGRILL2014]

Price floors are used as a method to:
 a. ensure buyers that goods won't be cheaper tomorrow.
  b. see that production levels don't fall too low.
  c. guarantee there will be enough food for everyone.
  d. combat excess demand in the market.
  e. ensure sellers a minimum price for their goods.

Question 2

A market consequence of the establishment of a price floor program is that price will be:
 a. too low, and an excess supply will result.
  b. too low, and a shortage will result.
  c. too high, and an excess supply will result.
  d. too high, and a shortage will result.
  e. below the market equilibrium price.

[cascooper22]

Answer to Question 1

e

Answer to Question 2

c

[CORALGRILL2014]

Excellent

[dawsa925]

Thanks for the timely response, appreciate it