In a Market with a Price Support Set Above the Equilibrium

question 77

Multiple Choice

In a market with a price support set above the equilibrium price,

• A) consumers gain.
• B) taxes on consumers decrease.
• C) marginal benefit exceeds marginal cost.
• D) the market is efficient.
• E) farmers gain.

---

Definitions:

Articles of Incorporation

Legal documents filed with the state government to legally establish a corporation.

Proper Consideration

The requirement in contract law that something of value must be exchanged between the parties to form a valid contract.

Incorporeal Property

Refers to intangible assets owned by an individual or corporation, such as intellectual property, securities, and rights to financial accounts.

Nonprofit Corporation

A type of organization that operates without the purpose of making a profit, typically focusing on charitable, educational, or social missions.