Microeconomics Study Set 10
Quiz 6: Government Intervention Microeconomics
the Graph Shown Best Represents
The graph shown best represents: A) a non-binding price ceiling. B) a non-binding price floor. C) a missing market. D) a market for an inferior good.
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A binding price ceiling that could be set in the market in the graph shown would be: A) $15. B) $11. C) $8. D) $30.
A binding price floor that could be set in the market in the graph shown would be: A) $23. B) $16. C) $8. D) $12.
If a binding price floor were placed in the market in the graph shown: A) quantity demanded would exceed quantity supplied. B) quantity supplied would exceed quantity demanded. C) the demand curve would have to shift. D) the supply curve would have to shift.
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