Please answer both the questions and thank you Question 4If the free market price would be lower than a price ceiling, the effect on the actual trades is:price is lower, quantity traded is lowernone of these optionsprice is higher, quantity traded is lowerno effect on price or quantity Question 3If the free market price would be higher than a price ceiling, the effect on the actual trades is:price is higher, quantity traded is lowerno effect on price or quantityprice is lower, quantity traded is lowernone of these options

*Answer: A price ceiling is a price fixed by the government to protect the consumer, this price…

Answered: quantity traded is lower options ,…

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quantity traded is lower options , quantity traded is lower price or quantity

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter14: Labor Markets And Income

Section: Chapter Questions

Problem 1SCQ: Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and...

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Please answer both the questions and thank you

Question 3
If the free market price would be higher than a price ceiling, the effect on the actual trades is:
price is higher, quantity traded is lower
no effect on price or quantity
price is lower, quantity traded is lower
none of these options

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