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- Government price controls like price ceilings and price floors will still lead to equilibrium between demand and supply. True or FalseAn increase in population tends to Answer increase in both equilibrium price and quantity. decrease in both equilibrium price and quantity. increase equilibrium price and decrease equilibrium quantity. increase equilibrium quantity and decrease equilibrium price.Explain why economists usually oppose controls on prices.
- What will be the result of an decrease in a price ceiling for gasoline? Group of answer choices The quantity will decrease because the quantity demanded will decrease. The quantity will remain the same; only the price will change. The quantity will increase because the quantity demanded will increase. The quantity will decrease because the quantity supplied will decrease.A binding price ceiling will have which of the following consequences? Group of answer choices There are no consequences to a binding price ceiling. The quantity supplied will always exceed the quantity demanded. There will be downward pressure on prices until quantity demanded equals quantity supplied. There will be upward pressure on prices until quantity demanded equals quantity supplied. The quantity demanded will always equal the quantity supplied.how can price controls be used to avoid prices from increasing further
- If the government permanently increases the price of cigarettes, will the policy have a larger effect on smoking one year from now or five years from nowA price floor, like minimum wage, will result in their being more supply than demand. True FalseA decrease in the minimum wage contributes to reduce unemployment if the minimum wage is currently above the equilibrium wage. contributes to reduce unemployment if the minimum wage is currently below the equilibrium wage. decreases the quantity of labor demanded but increases the quantity of labor supplied. increases both the quantity demanded and the quantity supplied of labor.
- A price ceiling is intended to benefit which group of people? consumers producers The GovernmentQuestion 9 Setting a price ceiling below the equilibrium price can result in a surplus, where the quantity demanded exceeds the quantity supplied. a shortage, where the quantity demanded exceeds the quantity supplied. a surplus, where the quantity supplied exceeds the quantity demanded. a shortage, where the quantity supplied exceeds the quantity demanded. no impact on the quantity demanded or the quantity supplied. Question 10 US minimum wage law is an example of a price floor. price ceiling. law that requires quantity demanded to be equal to quantity supplied. law that allows individual employers and employees to make free decisions. law that sets the minimum number of hours that an employee must work for wages during the week. Question 11 Gross domestic product (GDP) is best defined as the total market…With a price ceiling above the equilibrium price, quantity demanded would exceed quantity supplied. quantity supplied would exceed quantity demanded. the market would be in equilibrium. the equilibrium price would be expected to fall over time.