One of the consequences of Price floor is a) Excess supply of the good, which could be perished b) Excess demand of the good c) There may be a surplus or shortage of the good d) There is a possibility of misallocation of resources
Please explain the right as well as the wrong answers
One of the consequences of
a)
b) Excess
c) There may be a surplus or shortage of the good
d) There is a possibility of misallocation of resources
If the market price rises
a) Rises b) may fall c) declines d) may rise or fall
If the market price falls
a) Rises b)may fall c) declines d) may rise or fall
In the case of a Unit elastic supply of a good, the supply curve looks
a) Flatter b) steeper c) downward sloping and neither steeper nor flatter d) upward sloping line with a 45-degree angle.
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