Please evaluate the following statements and determine which ones are true? (1) "a price ceiling above the equilibrium price of grapes will create a shortage of grapes." (I1I) "a price floor below the equilibrium price of onions will create a surplus of onions." statement I is true, statement II is false statement I is false, statement II is true O both statements are true O both statements are false

Please evaluate the following statements and determine which ones are true? (1) "a price ceiling above the equilibrium price of grapes will create a shortage of grapes." (I1I) "a price floor below the equilibrium price of onions will create a surplus of onions." statement I is true, statement II is false statement I is false, statement II is true O both statements are true O both statements are false

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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