If a government price control was set a price of $2. Which kind of price control would it be? price ceiling   price floor   no price control can exist below the equilibrium

Q: price quantity demanded quantity supplied 300 60  30 400 55 40 500 50 50 600 45 60 700 40 70 800 35…

A: The type of price control being imposed by the government and is the highest point at which services…

Q: Discuss the effect on the markets for each of the three products if the government implements a…

A: The average sales value increased by the amount of units oversubscribed equals revenue, that is…

Q: Which policy increases the consumption of a good?  a price floor/a price ceiling / a subsidy/ a tax

A: Consumption of goods and services is to satisfy the unlimited wants of the consumers. An increase in…

Q: Refer to the above table. If the government implemented a price control at $20 which of the…

A: A market is in equilibrium at quantity demanded equal to quantity supplied. A shortage is where the…

Q: Why do taxes create a deadweight loss the same way that regulations do? If a tax and a quota raise…

A: The loss of something which is considered to be good economically that tends to occurs due to the…

Q: If the government removes a binding price floor from a market, then the price received by sellers…

A: Binding price floor is set above the equilibrium point. The market price is higher, and the supply…

Q: Consider a minimum wage law -- a law where the government requires businesses pay at least a certain…

A: The equilibrium wage rate and the equilibrium quantity of labor achieve where the demand curve for…

Q: A binding price ceiling will have which of the following consequences? Group of answer choices…

A: Answer - Need to find- A binding price ceiling will have which of the following consequences…

Q: Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price…

A: The equilibrium is obtained at the intersection point of the market supply curve and the market…

Q: Discuss another method to control price gouging apart from setting a price ceiling use a diagram to…

A: The price floor is another method to control price apart from the price ceiling. Government fixes…

Q: I'm stuck on this question. I feel like a new equilibrium will be created but on the other hand, I…

A: A market is a place where the buyers and sellers interact with each other and the exchange of goods…

Q: What potential costs and benefits might a government have to consider in deciding whether to impose…

A: Price ceiling is the government imposed price control. It is a limit on how high a price can be…

Q: Suppose market demand and supply are given by Qd=100-2P and Qs=5+3P. If a price ceiling of $15 is…

A: Introduction A market demand and supply function has given. Demand function : Qd = 100 - 2 P Supply…

Q: Minimum Price  The role of the government and further government action Calculate the effects on…

A: Minimum price is also known as “Price floor”.  It is determined for the producers benefits only…

Q: P^S= 2Q^S P^D=18-Q^D Suppose that the government imposes a price control at a price of $16.00.…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: how can price controls be used to avoid prices from increasing further

A: Price controls are the controls over the price that are made by the government. It is often seen…

Q: What is the equilibrium quantity before the price ceiling? What is the equilibrium quantity with the…

A: Price ceiling: Price ceiling is a cap on the price or simply say a maximum amount of price that a…

Q: The equilibrium price in the market for rental housing is $1,000. Which of the following price…

A: The law of demand states that as the price of a commodity falls its demand rises. We are going to…

Q: Use the data below to answer the following questions: Price Quantity Supplied $4 4 $7 13…

A: Law of supply states the positive relationships between the price and quantity supplied.

Q: If a price ceiling is non-binding, the market price will be the equilibrium price. True False

A: Price ceiling is the maximum price that government imposes in the market for a good or service. It…

Q: pros and cons of imposing a price ceiling in the United States on mask.

A: Price ceiling is when the government fixes the maximum price for which a commodity or service may be…

Q: Consider rent control (a price ceiling). Who does rent control intend to benefit? Discuss some of…

A: Equilibrium is achieved at the output level where number of  property demanded equals number of…

Q: In which of the following cases would government intervention in a market result in an increase in…

A: The equilibrium price and quantity of a good sold in the market are determined by the forces of…

Q: An increase in an effective price ceiling will do what in the relevant market? a. The surplus will…

A: The price ceiling is the government determined maximum price that the sellers can charge from the…

Q: Is the minimum wage an example of a price floor or a price ceiling? What are the supply and demand…

A: A price floor is the minimum price decided by the government to be paid whereas a price ceiling is…

Q: Given the following information: QD = 240 – 5P QS = P Where QD is the quantity demanded, Qs is…

A: Demand(D) is a downward-sloping curve which shows that price(P) and quantity demanded(QD) are…

Q: At the price = 10, there will be an effective price ……………………  The government imposed a price of $3…

A: When the government sets the price above the market equilibrium price in order to protect the…

Q: . Explain why economists usually oppose price control

A: Price control is one type of restriction on the price(P) of goods in the market. A particular…

Q: If a government price control was set at a price of $4. Which type of price control would it be?…

A: Price control are of two types, i.e., price ceiling and price floor.  Price ceiling is used to…

Q: Quantity Quantity Price ($) Demanded Supplied 21 1 18 4 15 8. 3 12 12 4. 9. 16 6. 20 24 7 28 a. If…

A: For binding price floor the price decided by the government should be more than the equilibrium…

Q: Explain some problems the government must solve, as a result of the effects of a price ceiling.…

A: Prices are a sensitive thing especially when they are of necessities. In some cases, discontent over…

Q: Explain why economists usually oppose controls on prices.

A: A price is a monetary amount paid to a commodities seller in exchange for the item. In other words,…

Q: A price ceiling is only effective if it is above the market equilibrium.  True  False

A: A price ceiling is a limit on the price of a good or service imposed by the government to protect…

Q: What will a price floor always create? shortage surplus a clear market

A:

Q: Explain the conditions under which price legislation is employed in an economy.

A: Answer: Price controls can take the form of maximum and minimum prices, these prices can be fixed…

Q: Governments continue to impose price controls. Which statement is NOT a valid explanation of this?…

A: THESE OPTIONS ARE WRONG  A) Goverement authorities regularly ignore warnings about the results of…

Q: What is the definition of a price ceiling?

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The minimum wage is an example of a Select one: Price ceiling that can cause a shortage Price…

A: Microeconomics studies the economic behavior of individual units such as a market, a firm, a…

Q: Which of the following best describes a price floor? The minimum price that a producer is allowed…

A: Price floor is a type of government regulation or price control which is set above the equilibrium…

Q: Question 9   Setting a price ceiling below the equilibrium price can result in   a surplus, where…

A: A price ceiling means the government enforces a lower price than the equilibrium market price,…

Q: Demand: Qd= 2,600 - 5P Supply:  Qs= 1000 + 10P What would be the amount of shortage if a price…

A: Surplus occurs where supply is greater than the demand.  Shortage occurs where the supply is less…