3. A current surplus is due to a price floor. If the price floor is removed, a. price would increase, quantity demanded would increase, and quantity supplied would increase b. price would increase, quantity demanded would decrease, and quantity supplied would decrease c. price would decrease, quantity demanded would increase, and quantity supplied would decrease d. price would decrease, quantity demanded would decrease, and quantity supplied would increase
3. A current surplus is due to a price floor. If the price floor is removed, a. price would increase, quantity demanded would increase, and quantity supplied would increase b. price would increase, quantity demanded would decrease, and quantity supplied would decrease c. price would decrease, quantity demanded would increase, and quantity supplied would decrease d. price would decrease, quantity demanded would decrease, and quantity supplied would increase
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 24P
Related questions
Question
![3.
A current surplus is due to a price floor. If the price floor is removed,
a. price would increase, quantity demanded would increase, and quantity supplied
would increase
b. price would increase, quantity demanded would decrease, and quantity supplied
would decrease
c. price would decrease, quantity demanded would increase, and quantity supplied
would decrease
d. price would decrease, quantity demanded would decrease, and quantity supplied
would increase](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F850daede-5eb2-49ac-9de0-3a8852fbea9e%2F010f57d9-a276-47bb-9648-8285787647f5%2Fqkme7e_processed.png&w=3840&q=75)
Transcribed Image Text:3.
A current surplus is due to a price floor. If the price floor is removed,
a. price would increase, quantity demanded would increase, and quantity supplied
would increase
b. price would increase, quantity demanded would decrease, and quantity supplied
would decrease
c. price would decrease, quantity demanded would increase, and quantity supplied
would decrease
d. price would decrease, quantity demanded would decrease, and quantity supplied
would increase
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