If a price floor is not binding, then O a. there will be a shortage in the market. O b. there will be no effect on the market price or quantity sold. O c. there will be a surplus in the market. d. the market will be less efficient than it would be without the price floor.
If a price floor is not binding, then O a. there will be a shortage in the market. O b. there will be no effect on the market price or quantity sold. O c. there will be a surplus in the market. d. the market will be less efficient than it would be without the price floor.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 19RQ: When the price is above the equilibrium, explain how market forces move me market price to...
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