A price floor is:
A. a legal minimum quantity that can be sold at a particular price.
B. a legal maximum quantity that can be sold at a particular price.
C. a legal minimum price.
D. a legal maximum price.
Answer: C
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Using the table above, the elasticity of demand is equal to 1 at a price of
A) $8. B) $6. C) $5. D) $3. E) $1.
Over the past 50 years, the average real wage for males who do not have a college diploma has ________
A) fallen B) risen C) remained essentially unchanged D) risen in economic contractions and fallen in economic expansions
When the slope of the total revenue curve is equal to the slope of the total cost curve
A) profit is maximized. B) marginal revenue equals marginal cost. C) the marginal cost curve intersects the total average cost curve. D) the total cost curve is at its minimum. E) Both A and B
An increase in the money supply causes output to rise in the long run
a. True b. False Indicate whether the statement is true or false