Which of the following statements is not correct?
A. A price ceiling set at $9 would result in a surplus.
B.A price floor set at $14 would be binding, but a price floor set at $8 would not be binding.
C.A price ceiling set at $8 would be binding, but a price ceiling set at $12 would not be binding.
D. A price floor set at $11 would result in a surplus.
A. A price ceiling set at $9 would result in a surplus.
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When we look at a production possibilities curve, the opportunity cost can be understood as
A) The point of maximum production of one good B) The amount of the other good that must be given up for one more unit of production C) The total cost of producing the good D) The price people will pay for the additional amount produced
Jane is willing to pay $4 for the first cup of coffee a day, $2.50 for the second cup, and $1 for the third cup, after which she won't buy any coffee. The price of a cup of coffee is $2.40
Jane's consumer surplus from the coffee she buys is ________ per day. A) $1.60 B) $1.70 C) $4.80 D) $6.50
The cross elasticity of demand for good A with respect to good B is 0.2 . A 10 percent change in the price of good B will lead to a ____ percent change in the quantity of good A demanded. Goods A and B are _______
A. 2; substitutes B. 0.5; complements C. ?2; complements D. ?0.5; substitutes
Who was the leader of Chinese economic reforms?
What will be an ideal response?