Download [A, 8-9]

[A, 8-9]
When the government wishes to help producers of goods (such as farmers) they can
impose a law establishing the _____ which economists call a price floor.
a) minimum price
b) maximum price
c) market equilibrium price
d) lost price
[C, 8-9]
When the government wishes to help producers of goods (such as farmers) by
establishing the minimum price at which their good can be sold economists call this a
a) price ceiling
b) price statement
c) price floor
d) alternative price
[C, 8-9]
If order to be relevant the price floor must be
a) at equilibrium
b) within 10% of equilibrium (either way)
c) above equilibrium
d) below equilibrium
[C, 8-9]
Simply establishing a price floor affects/changes
a) demand and supply
b) demand and quantity supplied
c) quantity demanded and quantity supplied
d) quantity demanded and supply