If a price floor of $23 were placed in the market in the graph shown:
A. a surplus of 27 would occur.
B. a surplus of 37 would occur.
C. a surplus of 10 would occur.
D. a surplus of 20 would occur.
B. a surplus of 37 would occur.
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One argument offered by economists for having a Social Security system is that if there were no Social Security, workers might
A. save too much. B. work too long. C. overestimate the value of retirement. D. decide to use welfare as a retirement income, pushing the costs off onto others.
Which of the following is LEAST likely to be able to regularly engage in price discrimination?
A) a farmer B) an airline C) a university D) a producer of copyrighted computer software
"As consumption of a good increases, the extra satisfaction received from consuming an additional unit of the good decreases." This statement is known as the law of:
a. demand. b. increasing costs. c. diminishing marginal utility. d. diminishing marginal returns. e. total utility.
Which of the following statements is correct? a. If unions successfully bargain for higher wages for their union members, employment among union members will increase. b. Wages are higher in nonunion jobs than in union jobs of comparable skill
c. The efficiency wage model asserts that higher wages will lead to higher productivity. d. The imposition of a minimum wage above the market price for unskilled labor creates a shortage of labor.