three questions that would be helpful! A) With a binding price floor, what will the market price be? lower than the price floor higher than the price floor equal to the difference between price floor and price ceiling equal to the difference between price floor and the market equilibrium. B) Why are price floors below equilibrium not binding? because equilibrium remains attainable because price floors are legal maximum prices because price floors are disequilibrium prices because price floors cause an excess demand C) Who bears the burden of a tax imposed on lawn fertilizer? Buyers bear the entire burden of the tax. Sellers bear the entire burden of the tax. Buyers and sellers share the burden of the tax. The government bears the entire burden of the tax.
three questions that would be helpful! A) With a binding price floor, what will the market price be? lower than the price floor higher than the price floor equal to the difference between price floor and price ceiling equal to the difference between price floor and the market equilibrium. B) Why are price floors below equilibrium not binding? because equilibrium remains attainable because price floors are legal maximum prices because price floors are disequilibrium prices because price floors cause an excess demand C) Who bears the burden of a tax imposed on lawn fertilizer? Buyers bear the entire burden of the tax. Sellers bear the entire burden of the tax. Buyers and sellers share the burden of the tax. The government bears the entire burden of the tax.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 2MC
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A) With a binding price floor, what will the market price be?
-
- lower than the price floor
- higher than the price floor
- equal to the difference between price floor and
price ceiling - equal to the difference between price floor and the
market equilibrium .
B) Why are
- because equilibrium remains attainable
- because price floors are legal maximum prices
- because price floors are disequilibrium prices
- because price floors cause an excess demand
C) Who bears the burden of a tax imposed on lawn fertilizer?
- Buyers bear the entire burden of the tax.
- Sellers bear the entire burden of the tax.
- Buyers and sellers share the burden of the tax.
- The government bears the entire burden of the tax.
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