LINGS AND PRICE FLOORS Policymakers are more likely to impose a price ceiling: above equilibrium price in order to protect buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to protect buyers from high prices. below equilibrium price in order to protect sellers from low prices. 1. a. b. C. Policymakers are more likely to impose a price floor: above equilibrium price in order to protect buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to protect buyers from high prices. below equilibrium price in order to protect sellers from low prices. 2. a. ъ. C. A binding price ceiling causes a market while a binding price floor causes a market shortage; shortage surplus; surplus shortage; surplus surplus; shortage a. C. d. Tuo the graph below to answer questions 4 and 5. Supply Price ($) $10.00 $7.50 $5.00 Demand 0. 150 180 200 225 250 Quantity If there is a price floor set at $10.00, the quantity bought and sold in this market will be equal to and there will be a market 150; shortage 225; shortage 150; surplus 225; surplus C. a. d. b. If there is a price ceiling set at $5.00, the quantity bought and sold in this market will be equal to 5. and there will be a market 180; surplus 250; surplus C. 180; shortage 250; shortage a. d. b. 141 Chapter 7 Assignments d. 3. 4.
LINGS AND PRICE FLOORS Policymakers are more likely to impose a price ceiling: above equilibrium price in order to protect buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to protect buyers from high prices. below equilibrium price in order to protect sellers from low prices. 1. a. b. C. Policymakers are more likely to impose a price floor: above equilibrium price in order to protect buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to protect buyers from high prices. below equilibrium price in order to protect sellers from low prices. 2. a. ъ. C. A binding price ceiling causes a market while a binding price floor causes a market shortage; shortage surplus; surplus shortage; surplus surplus; shortage a. C. d. Tuo the graph below to answer questions 4 and 5. Supply Price ($) $10.00 $7.50 $5.00 Demand 0. 150 180 200 225 250 Quantity If there is a price floor set at $10.00, the quantity bought and sold in this market will be equal to and there will be a market 150; shortage 225; shortage 150; surplus 225; surplus C. a. d. b. If there is a price ceiling set at $5.00, the quantity bought and sold in this market will be equal to 5. and there will be a market 180; surplus 250; surplus C. 180; shortage 250; shortage a. d. b. 141 Chapter 7 Assignments d. 3. 4.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question 4
Transcribed Image Text:LINGS AND PRICE FLOORS
Policymakers are more likely to impose a price ceiling:
above equilibrium price in order to protect buyers from high prices.
above equilibrium price in order to protect sellers from low prices.
below equilibrium price in order to protect buyers from high prices.
below equilibrium price in order to protect sellers from low prices.
1.
a.
b.
C.
Policymakers are more likely to impose a price floor:
above equilibrium price in order to protect buyers from high prices.
above equilibrium price in order to protect sellers from low prices.
below equilibrium price in order to protect buyers from high prices.
below equilibrium price in order to protect sellers from low prices.
2.
a.
ъ.
C.
A binding price ceiling causes a market
while a binding price floor causes a
market
shortage; shortage
surplus; surplus
shortage; surplus
surplus; shortage
a.
C.
d.
Tuo the graph below to answer questions 4 and 5.
Supply
Price ($)
$10.00
$7.50
$5.00
Demand
0.
150 180 200 225 250
Quantity
If there is a price floor set at $10.00, the quantity bought and sold in this market will be
equal to
and there will be a market
150; shortage
225; shortage
150; surplus
225; surplus
C.
a.
d.
b.
If there is a price ceiling set at $5.00, the quantity bought and sold in this market will be
equal to
5.
and there will be a market
180; surplus
250; surplus
C.
180; shortage
250; shortage
a.
d.
b.
141
Chapter 7 Assignments
d.
3.
4.
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