If a Price Floor Is Set Above the Equilibrium Price

question 134

Multiple Choice

If a price floor is set above the equilibrium price in the market, consumer surplus will be

• A) higher than it would be without the price floor.
• B) lower than it would be without the price floor.
• C) the same as it would be without the price floor.
• D) impossible to calculate.

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Definitions:

Imaginary Creatures

Beings conceived in the mind that do not exist in the physical world, often found in mythology, folklore, or fantasy.

Inductive

Characteristic of disciplinary methods, such as reasoning, that try to teach an understanding of the principles behind parental demands.

Disciplinary Measures

Strategies or actions implemented to correct or manage behavior, often used in educational, organizational, or parental contexts to enforce rules and promote desired behaviors.

Reasoning

The cognitive process of seeking to make sense of something or derive logical conclusions from facts or premises.