Steel Price (S/ton) P2 P1 Q1 Quantity (tons) Government regulations set the price of raw steel at P2 dollars per ton, causing a surplus in the market for steel shown above. What would tend to happen in this market if the price floor were removed? Select one: O a. The surplus would disappear as producers began to lower the price of steel. O b. The surplus would disappear as consumers began to lower the price of steel. Oc. The surplus would remain until D shifted to the right. O d. The surplus would remain until S shifted to the left.

Steel Price (S/ton) P2 P1 Q1 Quantity (tons) Government regulations set the price of raw steel at P2 dollars per ton, causing a surplus in the market for steel shown above. What would tend to happen in this market if the price floor were removed? Select one: O a. The surplus would disappear as producers began to lower the price of steel. O b. The surplus would disappear as consumers began to lower the price of steel. Oc. The surplus would remain until D shifted to the right. O d. The surplus would remain until S shifted to the left.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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