When price controls (price ceilings or price floors) are imposed, what outcomes are likely to occur? Check all that apply. Fairness in how the price controls are enacted, applied, and enforced Favoritism and corruption Limits on the volumes of transactions Difficulties in enforcing price controls
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- Discuss wether a fall in price of a product will always be accompanied by a reduction in the quantity traded of that product. Must include examples, please and thank you!Consider the market for plywood in a costal Florida town, which was hit by a hurricane. The residents need to rebuild their houses and are buying plywood in large quantities. To keep the price of plywood from going up too high, the Governor of Florida has decided to impose price controls in the wake of the hurricane. What is the most likely outcome?a. People will be able to obtain the plywood that they need. b. Plywood suppliers from out of state will increase deliveries to Florida to take advantage of the strong demand. c. There will be persistent excess demand for plywood. d. Quantity supplied will increase to meet new demand.Which of the following are potential sources of market failure? OA. price floors and price ceilings OB. taxes and subsidies OC. monopoly power OD. all of the above
- a. Price ceilings create shortages if they are set b. Which of the following are price ceilings? the minimum wage price controls on prescription drugs an agricultural price support rent control below the equilibrium price.A recent study found that the demand an supply for Frisbies schdules are as follows:a.What are the equilibrium price and quantity of Frisbees?b.Frisbee manufacture persuade the government that frisbee production improves scientists'understanding of areodynamics and thus is important for national security.a concern Congress votes to impose a price floor $2 above the equilibrium price.What is the new market price?How many Frisbees are sold?c.Irate college students march on washington and demand a reduction in the price of Frisbees.An even more concerned Congress votes to repeal the price floor and impose a price ceiling $1 below the former price floor.What is the new market price?How many Frisbees are sold?Explain the effectiveness of ciling price policy
- Government Intervention in the Market: Price Floorsand Price Ceilings?Explain the condition under which price legislation is employed in an economy Question2 Using diagrams,show the relevance of Price elasticity of demand in business pricing strategiesUSD.13 An increase in a price ceiling will change the amount of a good sold in a market: Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a if the price ceiling is effective. b regardless of whether or not the ceiling is effective. c if the price ceiling is ineffective. d if demand is inelastic.
- Assuming we are in a market with a shortage of a good, what will sellers do to make the market achieve the market equilibrium point? How about when there is a surplus of a good? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.how can price controls be used to avoid prices from increasing furtherWhat does it mean by when you say " market forces takes its own course". a. you temper supply or demand to achieve equilibrium b. you let buyers and sellers agree on price base on SP (suggested retail price) c. you let demand and supply floats to create a market condition d. you let demand and supply dictate the price In the computation of Price elasticity of Demand, when percentage change in Quantity and percentage change in Price is the same, it results to? a. unit elastic demand b. perfectly elastic demand c. relatively elastic demand d. perfectly inelatic demand Agricultural product are always classified as a. Capital goods as they are mostly used as raw materials b. Elastic Goods c. Economic Goods d. Inelastic goods