What is a the typical result of a price floor? Question 29 options: a) quantity supplied equals quantity demanded. b) Customers unable to obtain the product c) excess demand. d) excess supply.
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- The following are correct statements about a Price Floor, EXCEPT: Question 9 options: It is a regulated price above the equilibrium price It creates an excess of supply in the market. It will for sure increase total consumer's surplus. It creates a Dead Weight Loss.An effective price floor causes the quantity exchanged to _______ and the price of the product to ______ compared to the market equilibrium. Question 4Answer a. decrease, decrease b. increase, increase c. increase, decrease d. decrease, increaseQuestion 13 The equilibrium price of a good is $6 with no price controls. If a price floor of $8 is imposed, there will be Group of answer choices an indeterminate result. a shortage in the market. a surplus in the market. no surplus or shortage.
- Please explain the right as well as the wrong answers One of the consequences of Price floor is a) Excess supply of the good, which could be perished b) Excess demand of the good c) There may be a surplus or shortage of the good d) There is a possibility of misallocation of resources If the market price rises consumer’s surplus a) Rises b) may fall c) declines d) may rise or fall If the market price falls producer’s surplus a) Rises b)may fall c) declines d) may rise or fall In the case of a Unit elastic supply of a good, the supply curve looks a) Flatter b) steeper c) downward sloping and neither steeper nor flatter d) upward sloping line with a 45-degree angle.landlords show up at the next council meeting and demand an increase in rents.the council members vote to repeal the price ceiling and instead replace it with a price floor that is RM 50 above the equilibrium price. what is the new market price? how many two-bedroom apartments will be rented?When the market price is lower than the equilibrium price, the result is excess ____.When the market price is higher than the equilibrium price, the result is excess _____. Question 1Answer a. Supply; demand b. Demand; demand c. Demand; supply d. Supply; supply
- The graph above represents a competitive market for a product where the government now has introduced a price floor of C. Which area in the graph represents the producers' sales revenue after the imposition of the price floor?Use supply and demand curves to show the change in the price of bread and the quantity sold, when these events occur: 1) To protect farmers’ incomes, the government sets an effective price floor for wheat. 2) To protect consumers from inflation, the government sets an effective price ceiling for bread.The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied (Dollars) (Pizzas) (Pizzas) 4 135 26 5 104 53 6 81 81 7 68 98 8 53 110 9 39 121 If the actual price in this market were $7, quantity supplied would be than quantity demanded, so there would be pressure on prices. If the actual price in this market were below the equilibrium price, suppliers raise the price without losing sales.
- If a price floor is lower than market equilibrium... a. Demand will be greater than supply and there will be a shortage b. Supply will be greater than Demand and there will be a surplus c. Demand will be greater than supply and there will be a surplus d. There will be no effect because the floor is lower than market equilibriumWhich of the following will cause a decrease in CS? a.firms believe that the price of the food to be lower next week b. A binding price floor is introduced into this market c. An increase in the number of firms d. A decrease in the production cost of good. ?In which of the following statements are the terms"demand," "supply," "quantity demanded," or "quantity supplied" used correctly? a) Changes in demand and supply causes in the equilibrium price. b)If the price rises, supply rises. c) The prices of oranges is cheaper in Florida and therefore the deman is greater in Florida d)When supply exceeds demand the equilibrium price will rise e) all of the above
