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A price floor set below market equilibrium will A. cause a shortage in the market. B. cause a surplus in the market. C. have no impact on the market. D. cause there to be a greater quantity supplied than at market equilibrium   2. Assume that resource X is necessary in the production of good Y. If the price of resource X increases, then A. the supply of Y will increase. B. the supply of Y will decrease. C. the demand of Y will increase. D. the demand of Y will decrease

A price floor set below market equilibrium will A. cause a shortage in the market. B. cause a surplus in the market. C. have no impact on the market. D. cause there to be a greater quantity supplied than at market equilibrium   2. Assume that resource X is necessary in the production of good Y. If the price of resource X increases, then A. the supply of Y will increase. B. the supply of Y will decrease. C. the demand of Y will increase. D. the demand of Y will decrease

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. A price floor set below market equilibrium will

A. cause a shortage in the market.
B. cause a surplus in the market.
C. have no impact on the market.
D. cause there to be a greater quantity supplied than at market equilibrium
 
2. Assume that resource X is necessary in the production of good Y. If the price of resource X increases, then
A. the supply of Y will increase.
B. the supply of Y will decrease.
C. the demand of Y will increase.
D. the demand of Y will decrease.
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