Which Statement(s) Is TRUE? Price Floors Set Above the Equilibrium

question 141

Multiple Choice

Which statement(s) is TRUE? Price floors set above the equilibrium price cause:
I. shortages.
II. surpluses.
III. deadweight losses.

• A) I and III only
• B) II and III only
• C) III only
• D) I is true if demand is elastic; however, II is true if demand is inelastic.

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Definitions:

Graves Disease

An autoimmune disorder that results in the overproduction of thyroid hormones, causing hyperthyroidism.

Thyroid Hormone

Hormones produced by the thyroid gland, including triiodothyronine (T3) and thyroxine (T4), crucial for regulating metabolism, energy generation, and growth and development.

Aldosterone

A steroid hormone produced by the adrenal cortex that regulates sodium and potassium balance in the blood.

Cortisol

A steroid hormone produced by the adrenal glands, involved in the body's stress response as well as metabolism and immune function.