A price floor represents

A) a maximum price that can be legally charged for a product or service.
B) a minimum price that can be legally charged for a good or service.
C) a lottery imposed upon producers by the government.
D) a first come, first served mechanism for controlling prices.


Answer: B

Economics

You might also like to view...

The members of Federal Reserve district bank boards of directors who are leaders in industry, commerce, and agriculture are known as

A) Class A directors. B) Class B directors. C) Class C directors. D) Class D directors.

Economics

Marginal cost always reflects the cost of variable factors.

Answer the following statement true (T) or false (F)

Economics

An 36 percent increase in the price of small cars results in a 20 percent increase in the quantity supplied. The supply elasticity in this range equals ________.

A. 7/10 B. 9/5 C. 4/10 D. 5/9

Economics

What is a mutual fund? How do mutual funds differ from stocks and bonds?

What will be an ideal response?

Economics