Whenever a price floor is imposed above equilibrium price, it is true that:
a. supply will increase due to a higher price and a surplus will result
b. supply will increase due to a higher price until it just equals the quantity demanded.
c. demand will increase due to a higher price and a shortage will result.
d. quantity supplied will exceed the quantity demanded.
d
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A. Structural B. Seasonal C. Frictional D. Cyclical
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A) the study of whether people respond to positive incentives. B) the study of whether people respond to negative incentives. C) a value-free approach to inquiry. D) a study that is not tested empirically.
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A. free B. Pareto C. public D. private