Suppose a price floor is set by the government above the market equilibrium price. Which of the following will result?
a. There will be a surplus.
b. The quantity demanded will exceed the quantity supplied.
c. The demand curve will shift to the left.
d. None of these.
Question 2
The former Soviet Union was known for black markets. An explanation for the existence of these illegal markets is that:
a. goods were not subject to price controls.
b. the government imposed a price ceiling below the equilibrium price.
c. the government imposed a price ceiling above the equilibrium price.
d. all of these.
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