Do as the instructions say ParagraphStylesSection:Chapter 6: Government Policies1. In the passage below about price ceilings and floors, certain important wordshave been removed and placed in the table on the right. Indicate where each of theterms ought to go in the passage, by placing the number of the gap in the table onthe right.A(1) is also known as aAboveminimum price. It makes sure that the priceremains high in order to help outBelow(2) of the product. Inorder to be effective, it must be setConsumers(3) the equilibrium price.(4), whichIt results in ais also known as excess supply. An exampleof this type of price control is aMinimum wagePrice ceiling(5). On the other hand, a(6) is also known as aPrice floormaximum price. It makes sure that the priceremains low in order to help outProducers(7) of the product. Inorder to be effective, it must be setRent control(8) the equilibrium price.(9), whichShortageIt results in ais also known as excess demand. Anexample of this type of price control is aSurplus(10).D Focushpf10f8fgf610fs近

Price control is the policy used to restrict the minimum or maximum price of goods and services.

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.

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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Do as the instructions say

Paragraph
Styles
Section:
Chapter 6: Government Policies
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
Price floor
maximum price. It makes sure that the price
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
Shortage
It results in a
is also known as excess demand. An
example of this type of price control is a
Surplus
(10).
D Focus
hp
f10
f8
fg
f6
10
fs
近

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