Suppose Anthony Lives in a Community with No Price Controls

question 55

Multiple Choice

Suppose Anthony lives in a community with no price controls.What would he expect to happen if his town borders a community where there is a binding price floor on most products?

• A) Prices in the legal market in the community with a binding price floor would fall.
• B) There would be smaller surpluses in the community with a binding price floor.
• C) More consumers would purchase the product in the community without a price floor.
• D) The black market in the community with a binding price floor would be larger.
• E) Sales of the product in the community with a binding price floor would increase.

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Definitions:

Recklessness

The act or state of demonstrating a lack of regard for the danger or consequences of one's actions, differentiating from mere carelessness by the conscious decision to disregard safety.

Substantial Risk

A significant chance or danger of damage, harm, or adverse effects.

Felony

As a general rule, all crimes punishable by death or by imprisonment in a state prison.

Misdemeanor

Any crime that is punishable neither by death nor by imprisonment in a state prison.