This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following is correct when a price floor is set above the equilibrium price? a. ... (Read 74 times)

imowrer

  • Hero Member
  • *****
  • Posts: 514
on: Jul 1, 2018
Which of the following is correct when a price floor is set above the equilibrium price?
 a. quantity supplied is less than quantity demanded at the set price
  b. quantity supplied is equal to quantity demanded at the set price
  c. at the set price there will be a shortage
  d. The market price is greater than the price floor
  e. quantity supplied exceeds quantity demanded at the set price

Question 2

Suppose the current equilibrium price of pizza is 5 . If the government decides the price of pizza cannot rise above 4, the result of this policy would be
 a. a shortage
  b. a surplus
  c. that the market would remain in equilibrium but with a larger quantity bought and sold than at 5
  d. at the 4 price, the quantity sold would be greater than the quantity bought
  e. a shift of demand to the right


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

sylvia

  • Sr. Member
  • ****
  • Posts: 331
Reply #1 on: Jul 1, 2018
Answer to Question 1

E

Answer to Question 2

A


imowrer

  • Member
  • Posts: 514
Reply 2 on: Jul 1, 2018
Wow, this really help

smrtceo

  • Member
  • Posts: 344
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

Most fungi that pathogenically affect humans live in soil. If a person is not healthy, has an open wound, or is immunocompromised, a fungal infection can be very aggressive.

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Massive amounts of wood are stored on the forest floor of old-growth temperate coniferous forests of Massive amounts of wood are stored on the forest floor of old-growth temperate coniferous forests of
The surgical nurse assists the client into the correct position The surgical nurse assists the client into the correct position
A child having a seizure is gently assisted to the floor and placed in a sidelying position. A child having a seizure is gently assisted to the floor and placed in a sidelying position.
Floor Pattern Floor Pattern
Andrea Palladio, Plan of main floor (piano nobile), Villa La Rotunda. Andrea Palladio, Plan of main floor (piano nobile), Villa La Rotunda.
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Video: Role of complement proteins

For a complete list of videos, visit our video library