If a price floor is not binding, then the equilibrium price is above the price floor. O the equilibrium price is below the price floor. there will be a surplus in the market. O there will be a shortage in the market.
If a price floor is not binding, then the equilibrium price is above the price floor. O the equilibrium price is below the price floor. there will be a surplus in the market. O there will be a shortage in the market.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 11SQ
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