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Refer to Figure 6. If a legal price is set at $8 to ensure consumers will not pay higher than $8. This price policy is --~- and --- Note: "binding" means the policy will affect market price and fulfill the goal of the policy. А. binding, and consumers will pay $8. not binding, consumers will pay higher than $8. В. С. not binding, consumers will pay less than $8. D. none of the other answer is correct. binding, consumers will pay higher than $8. E. B.

Refer to Figure 6. If a legal price is set at $8 to ensure consumers will not pay higher than $8. This price policy is --~- and --- Note: "binding" means the policy will affect market price and fulfill the goal of the policy. А. binding, and consumers will pay $8. not binding, consumers will pay higher than $8. В. С. not binding, consumers will pay less than $8. D. none of the other answer is correct. binding, consumers will pay higher than $8. E. B.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Refer to Figure 6. If a legal price is set at $8 to ensure consumers will not pay higher than $8. This price policy is --~ and Note: "binding" means the policy will affect market price and fulfill the goal of the policy. А. binding, and consumers will pay $8. not binding, consumers will pay higher than $8. С. not binding, consumers will pay less than $8. none of the other answer is correct. binding, consumers will pay higher than $8. B. D. E.
Transcribed Image Text:Refer to Figure 6. If a legal price is set at $8 to ensure consumers will not pay higher than $8. This price policy is --~ and Note: "binding" means the policy will affect market price and fulfill the goal of the policy. А. binding, and consumers will pay $8. not binding, consumers will pay higher than $8. С. not binding, consumers will pay less than $8. none of the other answer is correct. binding, consumers will pay higher than $8. B. D. E.
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