PRICE CEILINGS AND PRICE FLOORS Policymakers are more likely to impose a price ceiling: 1. above equilibrium price in order to protect buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to protect buyers from high prices. -below-equilibrium price in order to protect sellers from low prices. a. b. с. d. Policymakers are more likely to impose a price floor: 2. above equilibrium price in order to proteet buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to-protect buyers from high prices. below equilibrium price in order to protect sellers from low prices. a. с. d. while a binding price floor causes a A binding price ceiling causes a market market 3. shortage; surplus surplus; shortage shortage; shortage surplus; surplus с. a. b. d. Use the graph below to answer questions 4 and 5. Supply Price ($) $10.00 $7.50- $5.00 Demand 150 180 200 225 250 0 Quantity If there is a price floor set at $10.00, the quantity bought and sold in this market will be equal to 4. and there will be a market 150; shortage 225, shortage 150; surplus 225; surplus а. с. b. d. If there is a price ceiling set at $5.00, the quantity bought and sold in this market will be equal to 5. and there will be a market 180; shortage 250,-shortage 180; surplus -250; surplus a. с. Б. d. 141 Chapter 7 Assignmer
PRICE CEILINGS AND PRICE FLOORS Policymakers are more likely to impose a price ceiling: 1. above equilibrium price in order to protect buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to protect buyers from high prices. -below-equilibrium price in order to protect sellers from low prices. a. b. с. d. Policymakers are more likely to impose a price floor: 2. above equilibrium price in order to proteet buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to-protect buyers from high prices. below equilibrium price in order to protect sellers from low prices. a. с. d. while a binding price floor causes a A binding price ceiling causes a market market 3. shortage; surplus surplus; shortage shortage; shortage surplus; surplus с. a. b. d. Use the graph below to answer questions 4 and 5. Supply Price ($) $10.00 $7.50- $5.00 Demand 150 180 200 225 250 0 Quantity If there is a price floor set at $10.00, the quantity bought and sold in this market will be equal to 4. and there will be a market 150; shortage 225, shortage 150; surplus 225; surplus а. с. b. d. If there is a price ceiling set at $5.00, the quantity bought and sold in this market will be equal to 5. and there will be a market 180; shortage 250,-shortage 180; surplus -250; surplus a. с. Б. d. 141 Chapter 7 Assignmer
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter4: Labor And Financial Markets
Section: Chapter Questions
Problem 32P: Imagine that to preserve the traditional way of life in small fishing villages, at government...
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I need help with questions 4 and 5.
Transcribed Image Text:PRICE CEILINGS AND PRICE FLOORS
Policymakers are more likely to impose a price ceiling:
1.
above equilibrium price in order to protect buyers from high prices.
above equilibrium price in order to protect sellers from low prices.
below equilibrium price in order to protect buyers from high prices.
-below-equilibrium price in order to protect sellers from low prices.
a.
b.
с.
d.
Policymakers are more likely to impose a price floor:
2.
above equilibrium price in order to proteet buyers from high prices.
above equilibrium price in order to protect sellers from low prices.
below equilibrium price in order to-protect buyers from high prices.
below equilibrium price in order to protect sellers from low prices.
a.
с.
d.
while a binding price floor causes a
A binding price ceiling causes a market
market
3.
shortage; surplus
surplus; shortage
shortage; shortage
surplus; surplus
с.
a.
b.
d.
Use the graph below to answer questions 4 and 5.
Supply
Price ($)
$10.00
$7.50-
$5.00
Demand
150 180 200 225 250
0
Quantity
If there is a price floor set at $10.00, the quantity bought and sold in this market will be
equal to
4.
and there will be a market
150; shortage
225, shortage
150; surplus
225; surplus
а.
с.
b.
d.
If there is a price ceiling set at $5.00, the quantity bought and sold in this market will be
equal to
5.
and there will be a market
180; shortage
250,-shortage
180; surplus
-250; surplus
a.
с.
Б.
d.
141
Chapter 7 Assignmer
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