When a binding price floor is imposed on a market,
a. price no longer serves as a rationing device.
b. the quantity supplied at the price floor exceeds the quantity that would have been supplied without the price floor.
c. only some sellers benefit.
d. All of the above are correct.
d
You might also like to view...
With free trade between China and the United States, the winners are ___________ and the losers are _______
A. U.S. consumers of U.S. imports; U.S. producers of the U.S. import good B. China's consumers of China's imports; China's producers of its export good C. U.S. producers of the U.S. export good; U.S. consumers of U.S. imports D. China's consumers of China's export good; China's producers of its imported good
Cost-push inflation is caused by too much money chasing too few goods
a. True b. False Indicate whether the statement is true or false
Assume that the graph below describes the current labor market for nurses in a mid-sized city and that the labor market is perfectly competitive.
If supply shifts from S0 to S1 and demand shifts from D0 to D1, then the equilibrium wage will ________, and the equilibrium number of nurses will ________.
A. increase; increase B. stay the same; increase C. increase; stay the same D. stay the same; stay the same
Exhibit 12-9 Negative Income Tax
?
As shown in Exhibit 12-9, a family of four with an income of $20,000 receives ____ from the government:
A. zero payment B. the break-even income of $20,000 C. a $10,000 payment D. a $10,000 tax deferment