A price floor is the ________
A) maximum willingness to pay for a good
B) minimum price that a seller accepts for a good
C) lower limit on the price of a good
D) upper limit on the price of a good
C
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Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to:
A. switch away from growing soy beans and into growing corn. B. switch away from growing corn and into growing soy beans. C. grow less corn, but not change their production of soy beans. D. grow more corn, but not change their production of soy beans.
The U.S. monetary policy implemented in 2008 was an attempt to
A) give billions of dollars to businesses and low- and middle-income Americans in order to stimulate business investment and consumption expenditure and thereby increasing AD. B) decrease interest rates in order to stimulate business investment and consumption expenditure, thereby increasing SAS. C) decrease interest rates in order to stimulate business investment and consumption expenditure, thereby increasing AD. D) decrease the exchange rate in order to boost net exports, thereby increasing AD.
Since the mid-1980s, what has happened to the debt-to-income ratio of American households?
What will be an ideal response?
When firms price discriminate they turn ________ into ________
A) producer surplus; revenue B) consumer surplus; profit C) total cost; profit D) producer surplus; consumer surplus