If a government price control was set a price of $2. Which kind of price control would it be? price ceiling   price floor   no price control can exist below the equilibrium

Q: Refer to the above table. If the government implemented a price control at $20 which of the…

A: Equilibrium is achieved at the output level where Qs equals Qd.  Thus equilibrium price= $ 25,…

Q: based on the Application “Venezuela Price Ceilings and Shortages,” use two figures to show the…

A: Deficiencies in Venezuala was applied for food things and necessities. Its continuation was the…

Q: Consider the national market for in-home child care in the accompanying graph. Rate ($ per hour) $20…

A: Marginal cost refers to the additional cost incurred by producing one more unit of a good or…

Q: In this market, the equilibrium hourly wage is S thousand workers. and the equilibrium quantity of…

A: The labor demand curve depicts the inverse relationship between labor demand and wage rate.The labor…

Q: During the spread of COVID-19, the price of surgical masks skyrocketed. Some people in Hong Kong…

A: The maximum price that is set by the government for a particular commodity and services is called…

Q: Discuss the advantages and disadvantages of price ceilings and price floors in an economy.

A: Price floor is the minimum price set above the equilibrium price to help producers to get a minimum…

Q: Assume the equilibrium price is $1 and a price ceiling has been set $2, is this a binding or…

A: When talking about price ceiling, it can be said that it is the government-imposed price that…

Q: The following graph gives the labor market for the fast-food industry of the imaginary city of…

A: Equilibrium is where demand curve intersects supply curve. There will be upward pressure if the…

Q: The cost of prescription drugs in the United States is high. Many Seniors across the U.S. struggle…

A: Tax: The term tax refers to the compulsory payment imposed by the government. Often it occurs that…

Q: When the quantity demanded of a goods is equal to the quantity supplied of the goods, then-___ what…

A: When quantity demanded is same as quantity supplied of a good, then there is a situation of…

Q: Which of the following makes consumers unambiguously worse off? Question 9Select one: a. Only a…

A: Price floor is a situation where the price charged is more than or less than the equilibrium price…

Q: If the demand for smartwatches are expected to increase and production costs are expected to…

A: "When the demand for smartwatches is expected to increase and production costs are expected to…

Q: Consider a poor country confronting the rising price of eggs, an important food source for the…

A: Answer: Option A (At the new price, fewer egg producers would supply the market and there would be…

Q: Refer to the accompanying figure to answer the next three questions. Price P2 37,500 50,000 68,000…

A: In the above diagram, the current market equilibrium quantity is at point A i.e. 68,000. Now, when…

Q: Venezuelans organize to overcome food shortages The government of Venezuela controls the price of…

A: Please find the answer below.   SUPPLY: Supply in economics is defined as the total amount of a…

Q: The following graph shows the labor market in the fast-food industry in the fictional town of…

A: Price control refers to government policies or regulations that aim to establish or manipulate the…

Q: Explain the effects of the price ceiling in economics give only two points?

A: In a market, price ceiling is one of the government price control policies to influence the market…

Q: Now assume that the price ceiling is imposed and that there is no black market in gasoline. What are…

A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…

Q: I'm reviewing for a final and I'm stuck between the answer choices of "the supply of apartments…

A: A market is a place where the buyers and sellers interact with each other and the exchange of goods…

Q: The City imposes a minimum wage of $6 an hour for fast food workers when the market rate is $8. What…

A: Minimum wage is an example of price floor that states the minimum price that must be paid to…

Q: In this market, the equilibrium hourly wage is ___, and the equilibrium quantity of labor is…

A:

Q: If the government establishes a support price for sugar $12 per cwt. (Hundered pounds) and is…

A: The equilibrium price of a commodity is the price at which the quantity demanded of the commodity…

Q: A black market is a market where buying and selling take place O at prices that violate government…

A: A black market is also known as underground economy or shadow economy.

Q: During a back-to-school shopping frenzy, a price ceiling of $3 is put on a pack of pencils.…

A: The demand and supply curves intersect each other at the equilibrium point. At this point, the…

Q: If a legal ceiling price is set above the equilibrium price, a shortage of the product will occur. a…

A: Price restrictions are independent measures undertaken by a country's government to maintain price…

Q: How does an effective price ceiling affect the quantity demanded and the quantity supplied in a…

A: Price ceiling is a type of price control imposed by the government as the maximum price at which the…

Q: When the price of hand sanitizers shot up in March 2020, the attorneys general of 33 states demanded…

A:

Q: How would we go about part G? Concerning parameter B, if it is below or equal to 0, sellers would…

A: Equilibrium price and quantity are fundamental concepts in economics that describe the state of…

Q: If the equilibrium price is $10 and equilibrium quantity 10 units, and a price ceiling of $8 is…

A: Price ceiling is imposed by government inorder to protect consumer.

Q: What is the difference between a price floor and a price ceiling?

A: The equilibrium is achieved where the demand curve equals the supply curve. It means equilibrium…

Q: Use the table below to answer the following question. Quantity of Quantity of Rent apartments…

A: At equilibrium, Quantity demanded is equal to quantity supplied. Therefore, from table quantity…