Figure 9.2.1 -Refer to Figure 9.2.1 above. After the minimum P₂ is imposed, A) some consumers are better off and all producers are worse off. B) some consumers and some producers are better off. C) no consumers are better off but some producers are better off. D) no consumers are better off and all producers are better off.

Question

Quizplus · Accepted Answer

After the minimum P₂ is imposed, the price increases from P0 to P₂, which results in no consumer being better off. However, some producers benefit because they are able to sell their goods at a higher price. Therefore, choice C is the best answer.

Figure 9.2.1 -Refer to Figure 9.2.1 Above. After the Minimum P2 Is

Figure 9.2.1 -Refer to Figure 9.2.1 Above. After the Minimum P₂ Is