Assuming a Binding Price Floor, the More Elastic the Supply

question 104

Multiple Choice

Assuming a binding price floor, the more elastic the supply and demand curves are, the:

• A) smaller the shortage a price floor will create.
• B) greater the shortage a price floor will create.
• C) smaller the surplus a price floor will create.
• D) greater the surplus a price floor will create.

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Definitions:

Pancreatic Juice

A liquid secreted by the pancreas that contains digestive enzymes and bicarbonate to aid in digestion.

Bicarbonate Ions

are negatively charged ions that act as a buffer in blood and help maintain the body's pH balance.

Splenic Flexure

The part of the large intestine where the transverse colon turns downward on the left side of the body, near the spleen.

Large Intestine

The final section of the digestive system responsible for water absorption and feces formation.