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Author Question: A price floor (support price) set above equilibrium: a. is a minimum legal price set by government ... (Read 115 times)

CBme

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on: Jun 30, 2018
A price floor (support price) set above equilibrium:
 a. is a minimum legal price set by government above equilibrium.
  b. causes the quantity supplied to exceed the quantity demanded.
  c. creates a surplus.
  d. can represent the effect of a minimum wage.
  e. all of these.

Question 2

A legally mandated minimum wage is an example of:
 a. the invisible hand principle. b. a price floor.
  c. a price ceiling. d. a fringe benefit.


taylorsonier

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Reply #1 on: Jun 30, 2018
Answer to Question 1

e

Answer to Question 2

b


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CBme

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Reply #2 on: Jun 30, 2018
Thank you :)


taylorsonier

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Reply #3 on: Jun 30, 2018
Happy to help you


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