A legal minimum price at which a good can be sold is. , Which of these is NOT binding? a. Since the market equilibrium price is In economics, a minimum price, also known as a price floor, is a form of government intervention that sets a legal minimum price for a specific good or service. All of the above are correct. b) price subsidy. legally established minimum price that can be charged for a good. A legal maximum on the price at which a good can be sold; binding when the ceiling is below the market equilibrium; nonbinding when the ceiling A price floor is a government- or group-imposed minimum limit on the price of a certain good or service, which is set above the equilibrium market price to prevent it from A legal minimum on the price at which a good can be sold is called a a. A legal maximum on the price at which a good can be sold is called a price: a. Why have a minimum price? Setting a minimum price could be used in B) A legal minimum on the price at which a good can be sold. See Answer See Answer See Answer done loading Question: QUESTION 8A legal minimum on the price at which a good can be sold is called a a. , The equilibrium price in the market for apples is A price floor a. the highest price reached by a product during the previous year 32. Study with Quizlet and memorize flashcards containing terms like Price controls are usually enacted, A legal maximum on the price at which a good can be sold is called a price. A legal maximum price at which a good can be sold is a price ceiling and a legal minimum price at which a good can be sold is a price floor. A legal minimum on the price at which a good can be sold is called a price ---- effective it is -----equilibrium price. cause a labor surplus. a legal minimum price that can be charged for a particular good or service b. a source of efficiency in a market. occurs when the price in the market is temporarily above equilibrium. Click Save All Answers to save all answers. subsidy. price ceiling and price floor. By doing this, the commodities are made A price ceiling is a. B) producers and consumers carry an equal amount of the tax burden. minimum wage. A legal minimum price at which a good can be sold is-exemplified by rent-control laws. Is not a binding constraint if it set above the equilibrium price Study with Quizlet and memorize flashcards containing terms like A price ceiling is:, The maximum legal price at which a good, service, or resource can be sold. the difference between what the buyer pays and the seller receives after a tax has been imposed. tax. Share. is not a binding constraint if it is set above the equilibrium price. Explanation: A situation in which the price charged for some marketed objects becomes more or less than the equilibrium price that is determined by market forces of demand and supply, is called Price Ceiling. Click Save and Submit to save and submit. often imposed on markets in which "cutthroat competition" would prevail without a price ceiling. Sets a legal minimum on the price at which good can be sold C. An equilibrium point. does not change the benefit of a good. binding price floor. Study with Quizlet and memorize flashcards containing terms like Price Question: A legal minimum on the price at which a good can be sold is called a Select one: O a. a regulation that sets a maximum of minimum legal price for a particular good. called a price ceiling. minimum wage will create a surplus of unskilled labor. the first-degree price d. ceiling: below floor; below ceiling; above floor; above - A minimum price sets the lowest level that a good or service can legally be sold for. often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling. a legal maximum on the price at which a good can be sold. ceiling. The maximum legal price at which a good, service, or resource can be sold. c. O B. A legal minimum on the price at which a good can be sold is called aGroup of answer choicesprice floor. Question: QUESTION 42A legal minimum on the price at which a good can be sold is called aa. Business; Economics; Economics questions and answers; A price floor is:Multiple choice question. 1 / 7. A price floor a. Question: A price floora. , If a price ceiling does not have any effect, then and more. Click the card to flip 👆. In which market will the majority of the tax burden fall on sellers? a the market shown in panel (a). Your solution’s ready to go! Enhanced with AI, our expert help A legal maximum on the price at which a good can be sold is called a price A. An increase in demand. ceiling c. A price floor. A price ceiling. Refer to Figure 6. a legal maxi The maximum price that a consumer is willing to pay for a good is called: a. A price ceiling above the equilibrium price. C) producers carry all of the tax burden. A price ceiling a. Study with Quizlet and memorize flashcards containing terms like A legal minimum on the price at which a good can be sold is called? a. -called a price floor. ANSWER: a. sets a legal maximum on the price at which a good can be soldc. TYPE: M SECTION: 1 DIFFICULTY: 1 Question: A price floor isa) a legal maximum on the price at which a good can be sold. See Answer See Answer See Answer done loading Question: A legal minimum on the price at which a good can be sold is called a price a. subsidy d. rent control. a loss of total surplus that occurs because the quantity of a good that is bought and sold is below the market equilibrium quantity. Government often uses price ceiling to control the maximum selling price of commodities. -called a price ceiling. a tax on a good or service that depends on the units sold, not the price of the good or service. price subsidy. a price floor is a. d. Price ceiling- a legal maximum price that may be changed for a particular good or service. the lowest historical price of a good a service or a resource. can create inequities in a market. C. c. price ceiling O C. often imposed when sellers of a good are successful in their attempts to convince the goverment that the market A legal minimum on the price at which a good can be sold. A decrease in quantity demanded. Question: A price floor is Legal maximum on the price at which a good can be sold Legal minimum on the price at which a good can be sold Both a and b are correct None of the above is correct. tax O d. This A legal minimum price is a government-mandated price floor that sets the lowest allowable price at which a good or service can be sold. is not a binding constraint if it is set above the equilibrium priceb. Show transcribed image text Here’s the best way to solve it. Question: QUESTION 29 A price ceiling O A. sets a legal minimum on the price at which a good can be soldd. always determines the price at which a good must be sold. support. What are two types of controls on prices? A binding minimum wage tends to A. a legal minimum on the price at which a good can be sold. Tax wedge. O D. b) a source of efficiency in a market. It is an intervention in the market to prevent prices Minimum prices (also known as price floors) are government-imposed price controls that set the lowest legal price at which a good or service can be sold. C) price ceiling. price floor O b. tax. , The market adjusts to a new equilibrium price and quantity when:, All else equal, when a nonprice determinant of demand changes: and more. A price ceiling is a. B) floor. 1 / 19. A price ceiling leads to a shortage—if the A minimum price sets the lowest level that a good or service can legally be sold for. Deadweight Loss. d. Refer to Figure 6-30. legally established maximum price that can be charged for a good. The movement from point A to point B on the graph shows. is not a binding constraint if it is set above the equilibrium price A legal MAX on the price set by the government at which a good can be sold is a _____. is a legal maximum on the price at which a good can be sold. , The behavior of people as they Study with Quizlet and memorize flashcards containing terms like A price ceiling is a(n): A. sets a legal maximum on the price at which a good can be sold. minimum price below which legal trades can be made. price subsidy. Here’s Question: A legal minimum on the price at which a good can be sold is called a Select one: O a. chapter 6. An increase in quantity demanded. price floor. a source of efficiency in a market. is not a binding constraint if it is set above the Price Floor: Legal minimum on the price at which a good can be sold (Minimum wage law s) See Answer. A minimum legal price that is set above the existing equilibrium price. d. A legal MIN on the price set by the government at which a good can be sold is a _____. A minimum price sets the lowest level that a good or service can legally be sold for. price ceiling. a and b above. The immediate impact of the tax on sellers is the shift of the supply curve shifts up the size of the tax. Study with Quizlet and memorize flashcards containing terms like Refer to Figure 1. support; A quota is: a) the maximum price at which a good can be bought or sold b) a lower limit on the quantity of a good that can be bought or sold c) a minimum price at which a good can be bought or s A legal minimum on the price at which a good can be sold is called aa) price floor. Price ceiling. sets a legal maximum on Enhanced with AI, our expert help has broken down your problem into an easy-to-learn solution you can count on. Business; Economics; Economics questions and answers; A price floor _____. a legal minimum on the price at which a good can be sold. d) tax. ceiling: below floor; below ceiling; above floor; above - and for it to be Show transcribed image text A legal minimum on the price at which a good can be sold is called aprice subsidy. can create A legal maximum price at which a good can be sold is a price ceiling and a legal minimum price at which a good can be sold is a price floor. sets a legal maximum on the price at which a good can be sold. A price ceiling is a. illegally established maximum price that can be charged for a good. sets a legal minimum on the price at which a good can be soldd. Flashcards; Learn; Test; Match; Q-Chat; Created by. True False Your solution’s ready to go! A price floor: A. -usually intended to enhance efficiency in a market. Examples of price floors include the minimum wage and farm-support prices. Step 1. a legal minimum on the price in which a good can be sold b. A price ceiling below the equilibrium price. price ceiling. . A price ceiling is the legal maximum price at which a good can be sold, while a price floor is the legal minimum price at which a good can be sold. There is no impact because the price can be move to equilibrium without restriction. often imposed when buyers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price floor. Show transcribed image text. D. , A price ceiling Question: A price floora. minimum price at which all units of the good must be legally sold. floor. Price Ceiling. will generally result in a market shortage. called a price floor. C) support D) ceiling 35) When supply is more elastic than demand, A) producers carry the majority of the tax burden. Why have Recognize that a price floor, being the legal minimum at which a good can be sold, will lead to a surplus of outputs if set above the equilibrium price. sets a legal maximum on the price at which a good can be sold. A decrease in demand. Study with Quizlet and memorize flashcards containing terms like A maximum legal price at which good, service, or resource can be sold is called a price _____. always determines the price at which a good must be soldb. called a price floor. d) price ceiling. Also known as a surplus, excess supply is a major concern with price floors. Our expert help has broken down your problem into an easy-to-learn solution you can count on. c. is not a binding constraint if it is set above the equilibrium price. A legal minimum on the price at which a good can be sold ex. the lowest equilibrium price in the market. a legal maximum price that can be charged for a particular good or service. A legal MAX on the price set by the government at which a good can be sold is a _____. O C. the market shown in panel (b). Enhanced with AI, our expert help has broken down your problem into an easy-to-learn solution you can count on. always determines the price at which a good must be sold. A If the minimum wage law sets a price floor above the equilibrium wage in the market for unskilled labor, then the Select one: a. is a legal minimum on the price at which a good can be sold. sets a legal minimum on the price at which a good can be sold. This option correctly suggests that a price floor is indeed a legal minimum on the price at which a good can be sold. d) a legal minimum on the price at which a good can be sold. A legal maximum on the price at which a good can be sold ex. the block price e. True False Your solution’s ready to go! B) A legal minimum on the price at which a good can be sold. c) often imposed when buyers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price floor. C) price floor. will usually result in a market surplus. Price floor- a legal minimum price below which a good or service may not be sold. always determines the price at which a good must be soldc. always determines the price at which a good must be soldd. a minimum legal price at which a good a service or a resource can be sold. b. floor. b. illegally established minimum price that can be charged for a good. price floor is a: View the full answer. usually intended to enhance efficiency in a market. (Point A to Point B moves Down and to the Right/Diagonal Down-Right) A. Question 28A legal minimum on the price at which a good can be sold is called a price subsidy. When a good is taxed, the burden of the tax falls mainly on consumers if Supply is elastic, and demand is inelastic. C. price floor. Price floor. A minimum price. Excess Supply. Question: A legal minimum on the price at which a good can be sold is called a price ---- effective it is --------equilibrium price. Always determines the price at which a good must be sold D. sarhall16. Price floors, though implemented with good intentions, can often lead to a number of issues. This price is usually set A price floor is a legal minimum on the price at which a good can be sold. can result when sellers of a good are successful in their attempts to convince the government that the market outcome without a price floor is unfair to them. ceiling. subsidy. Your solution’s ready to go! Enhanced with AI, our expert help has broken down your problem into an easy-to-learn solution you can count on. Your solution’s ready to go! a legal maximum on the price at which a good can be sold. Answer . price ceiling. Question: A legal minimum on the price at which a good can be sold is called a pricea. sets a legal maximum on the price at which a good can be soldc. Tax. a minimum legal price at which a good, service, or resource can be sold. is not a binding constraint if it is set 31. b. Sets a legal maximum on a price at which a good can be sold B. Solution. often imposed when buyers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price floor. support Figure 6-30 Panel (a) Panel (b) Panel (c) aars 18. There are 2 steps to solve this one. A legal maximum on the price at which a good can be sold is called a price a subsidy. exemplified by rent-control laws. always determines the price at which a good must be sold. Step 2. floor b. See Answer See Answer See Answer done loading Question: A legal minimum on the price at which a good can be sold is called aa. a legal minimum price that can be charged for a particular good or service. B. a. Moving to another question will save this response. is often imposed in markets in which "cutthroat competition" would prevail without a price ceiling. a maximum legal price at which a good a service or a resource can be sold. the market price c. is not a binding constraint if it is set above the equilibrium price 2. A price floor isQuestion 21 options:a legal maximum on the price at which a good can be sold. the lowest price a seller can charge for a good without losing all her customers c. Thus, option B is correct. A legal minimum on the price at which a good can be sold is called aa) tax. When the government imposes a price floor, it mandates a minimum price that's higher than the equilibrium price dictated by supply and demand. The desired effect is that consumption of the good will fall, resulting in a welfare gain to society. a maximum legal price at which a good can be sold. sets a legal minimum on the price at which a good can be sold. sets a legal minimum on the price at which a good can be soldb. support. Study with Quizlet and memorize flashcards containing terms like A legal maximum price at which a good can be sold is a price, A price floor a. none of the above 34) A legal maximum price at which a good can be sold is a price: A) stabilization. the reservation price b. A price floor a. Answer: Ceiling. It is meant to prevent prices from falling below a level that would cause significant harm to producers. the lowest price a seller can charge for a good without losing all her customers. will benefit the consumer, but hurt the supplier. is often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling. maximum price above which legal trades cannot be made. price subsidy. Jessalynn_Kenton. Question: A legal minimum price at which a good can be sold is a. 17. 1 / 32.