If a price floor of $23 were placed in the market in the graph shown:
A. some surplus is transferred from consumer to producer.
B. some surplus is transferred from producer to consumer.
C. all producers are better off.
D. all consumers are better off.
A. some surplus is transferred from consumer to producer.
You might also like to view...
Refer to Table 13-4. At Victoria's profit-maximizing output
A) total revenue equals $24 and total cost equals $20. B) profit equals $2. C) total revenue equals $21 and total cost equals $17. D) total revenue equals $25 and total cost equals $22.
It is easier for firms to form and maintain a cartel when:
a. there are cost differences among the industry's firms. b. there are more number of firms in the industry. c. there are greater barriers to entry. d. the goods supplied are varied.
Which of the following scenarios would result in economic growth in the country of Everland?
a) GDP and prices double. b) GDP and population doubles, while prices remain the same. c) Population doubles while GDP and prices remain the same. d) GDP doubles while prices remain the same.
When demand is perfectly inelastic, the demand curve is
A. downward sloping. B. upward sloping. C. vertical. D. horizontal.