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Author Question: What is a price floor?[br][br][b][color=#347235]Question 2[/color][/b][br][br]Irrespective of the ... (Read 93 times)

erika

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on: Jun 30, 2018
What is a price floor?

Question 2

Irrespective of the market structure, a firm maximizes profit at the level of output where the price of its product equals its marginal cost.
 a. True
  b. False
  Indicate whether the statement is true or false


mjenn52

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

A legislation fixing the minimum price of a commodity above the market-clearing or the equilibrium price is called a price floor.

Answer to Question 2

False


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erika

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Reply #2 on: Jun 30, 2018
Correct answers!


mjenn52

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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