ECN 110 Study Guide - Price Ceiling, Economic Equilibrium, Price Floor
16 Oct 2014
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Multiple choice identify the choice that best completes the statement or answers the question. Where is a binding price ceiling shown: panel (a, panel (b, both panel (a) and panel (b, neither panel (a) nor panel (b) If the government imposes a binding price floor of . 00 in this market, what is the result: a surplus of 20 units, a shortage of 30 units, a surplus of 40 units, a shortage of 40 units. If the government imposes a binding price ceiling of . 00 in this market, what is the result: a surplus of 20 units, a surplus of 40 units, a shortage of 20 units, a shortage of 30 units. At what price would there be a binding price floor: a price of . 00, a price of . 00, any price above . 00, any price below . 00. ___: what is the minimum wage an example of, a price ceiling, a price floor, a free-market process, an efficient labour allocation mechanism.
