1. A price ceiling is a:A. legally established minimum price that can be charged for a good.B. legally established maxim...

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A price ceiling is a - legally established minimum

April 14, 2018

1. A price ceiling is a:

A. legally established minimum price that can be charged for a good.

B. legally established maximum price that can be charged for a good.

C. minimum price that is in fact charged in a competitive market.

D. maximum price that is in fact charged in a competitive market.

E. maximum price that the good has ever sold for.

2. A price floor is a:

A. legally established minimum price that can be charged for a good.

B. legally established maximum price that can be charged for a good.

C. minimum price that is in fact charged in a competitive market.

D. maximum price that is in fact charged in a competitive market.

E. maximum price that the good has ever sold for.

3. A price ceiling creates _____ when it is set _____ the equilibrium price.

A. excess demand -- below

B. excess demand -- above

C. excess supply -- below

D. excess supply -- above

4. A price floor creates _____ when it is set ______ the equilibrium price.

A. excess demand -- below

B. excess demand -- above

C. excess supply -- below

D. excess supply -- above

5. A price ceiling usually results in ______ consumer surplus, ______ producer surplus, and

A. higher - lower - some deadweight loss

B. higher - lower - higher tax revenues

C. lower - higher - some deadweight loss

D. lower - higher - higher tax revenues

E. lower - lower - some deadweight loss

6. A price floor usually results in ______ consumer surplus, ______ producer surplus, and _______

A. higher - lower - some deadweight loss

B. higher - lower - higher tax revenues

C. lower - higher - some deadweight loss

D. lower - higher - higher tax revenues

E. lower - lower - some deadweight loss

7. The wholesale market equilibrium price is 6 cents a pound for raw sugar, and the market quantity sold is 30 million pounds. Which of the following policies would create an excess supply of sugar?

A. A price ceiling of 10 cents a pound

B. A price floor of 10 cents a pound

C. A price ceiling of 3 cents a pound

D. A price flor of 3 cents a pound.

8. The wholesale market equilibrium price is 6 cents a pound for raw sugar, and the market quantity sold is 30 million pounds. Which of the following policies would create an excess demand for sugar?

A. A price ceiling of 10 cents a pound

B. A price floor of 10 cents a pound

C. A price ceiling of 3 cents a pound

D. A price flor of 3 cents a pound.

9. If there is excess demand for a product because of price controls, we can be sure that the price control being used is a:

A. price floor

B. price ceiling

C. excise tax on producers

D. sales tax on consumers

True or False Price ceiling is a minimum price that sellers may charge for a good, usually set by government.

True or False Price floor is a maximum price below which exchange is not permitted.










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