A price floor on corn would have the effect of
a. creating a surplus regardless of the level at which the price floor is set
b. creating a surplus supply when the floor is above the equilibrium price
c. creating a shortage when the price floor is set below the equilibrium price
d. creating a shortage regardless of where the price floor is set
e. ensuring a more equitable distribution of the good among consumers
B
Economics
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Refer to Figure 5-13. The efficient equilibrium quantity of gasoline is ________ million gallons per month
A) 20 B) 32 C) 48 D) 56
Economics
In the above figure, a change in autonomous consumption to 100 would cause the consumption function to
A) become steeper. B) become flatter. C) shift down. D) shift up.
Economics