If a Price Floor Is Set Above the Equilibrium Price

question 125

Multiple Choice

If a price floor is set above the equilibrium price,

• A) quantity demanded will equal quantity supplied.
• B) there will be a surplus.
• C) there will be a shortage.
• D) the floor will be ineffective.

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Definitions:

Algebraic Expression

An algebraic expression is a mathematical phrase that can include numbers, variables, and operation symbols, but not an equality sign.

Consecutive Integers

Integers that follow each other in order without any gaps.

Simplified Expression

An expression that has been condensed to its simplest form, where all like terms have been combined and all operations have been performed.

Algebraic Expression

An algebraic expression is a mathematical phrase that can contain ordinary numbers, variables (like x or y), and operations (like add, subtract, multiply, and divide).