The price of a gallon of gasoline in Bonland is 3.20. However, ...

[savannahhooper]

The price of a gallon of gasoline in Bonland is 3.20. However, just before the election, the government decides to fix the price of gasoline at 2.80 per gallon. This is an example of a ________.
 
  A) positive externality
  B) negative externality
  C) price floor
  D) price ceiling

Question 2

What are the conditions that define a monopoly?
 
  What will be an ideal response?

[Leostella20]

Answer to Question 1

D

Answer to Question 2

There is only one firm producing a good or service with no close substitutes for the good or service sold and there are barriers to entry that prevent competing firms from entering the market.

[savannahhooper]

Wow, this really help

[mcarey591]

Thanks for the timely response, appreciate it