The Price Paid by Buyers in a Market Will Increase

question 160

Multiple Choice

The price paid by buyers in a market will increase if the government
(i) Increases a binding price floor in that market.
(ii) Increases a binding price ceiling in that market.
(iii) Decreases a tax on the good sold in that market.

• A)(ii)only
• B)(iii)only
• C)(i)and (ii)only
• D)(i), (ii),and (iii)

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Definitions:

Papaya Industry

The sector of agriculture and commerce dedicated to the cultivation, processing, and distribution of papayas, including production of fruit, seeds, and derived products.

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Animals that have been genetically modified to carry and express genes from other species, often used in research, medicine, and agriculture.

Medicinal Proteins

Biologically active proteins used in therapy to treat diseases.

Human Drugs

Substances used for medication or in the preparation of medication to treat or prevent diseases in humans.