An Effective Price Floor Must Be Set

question 67

Multiple Choice

An effective price floor must be set

• A) above the equilibrium price.
• B) below the equilibrium price.
• C) at the equilibrium price.
• D) either at or below the equilibrium price.

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Definitions:

Unemployed

The state of being without a paid job despite actively seeking work.

Labor Force

The total number of people employed or seeking employment in a country or particular area.

Unemployment Rate

The percentage of people in the labor force who are not currently employed but are seeking work.

Labor Force

The total number of people who are eligible and willing to work, including both employed and unemployed individuals.