If a Price Floor Is Not Binding, Then

question 248

Multiple Choice

If a price floor is not binding, then

• A)there will be a surplus in the market.
• B)there will be a shortage in the market.
• C)there will be no effect on the market price or quantity sold.
• D)the market will be less efficient than it would be without the price floor.

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Definitions:

Temperature

Temperature is a physical quantity reflecting the thermal energy of an object or system, indicative of the degree of heat or coldness measurable by a thermometer.

°C

Degrees Celsius, a scale and unit of measurement for temperature.

Chlorine Gas

A diatomic green-yellow, highly reactive gas and a powerful oxidizing agent, widely used for water purification and in the manufacture of various products.

Volume

A measure of the amount of space occupied by a substance, such as a gas, liquid, or solid.