1. In the passage below about price ceilings and floors, certain important words have been removed and placed in the table on the right. Indicate where each of the terms ought to go in the passage, by placing the number of the gap in the table on the right. A (1) is also known as a Above minimum price. It makes sure that the price remains high in order to help out Below (2) of the product. In order to be effective, it must be set Consumers (3) the equilibrium price. (4), which It results in a is also known as excess supply. An example of this type of price control is a Minimum wage Price ceiling (5). On the other hand, a (6) is also known as a maximum price. It makes sure that the price Price floor remains low in order to help out Producers (7) of the product. In order to be effective, it must be set Rent control (8) the equilibrium price. (9), which It results in a is also known as excess demand. An example of this type of price control is a Shortage Surplus (10).

1. In the passage below about price ceilings and floors, certain important words have been removed and placed in the table on the right. Indicate where each of the terms ought to go in the passage, by placing the number of the gap in the table on the right. A (1) is also known as a Above minimum price. It makes sure that the price remains high in order to help out Below (2) of the product. In order to be effective, it must be set Consumers (3) the equilibrium price. (4), which It results in a is also known as excess supply. An example of this type of price control is a Minimum wage Price ceiling (5). On the other hand, a (6) is also known as a maximum price. It makes sure that the price Price floor remains low in order to help out Producers (7) of the product. In order to be effective, it must be set Rent control (8) the equilibrium price. (9), which It results in a is also known as excess demand. An example of this type of price control is a Shortage Surplus (10).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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