When a binding price floor is imposed on a market,
a. price no longer serves as a rationing device
b. the quantity supplied at the price floor exceeds the quantity that would have been supplied without the price floor.
c. only some sellers benefit.
d. All of the above are correct.
d
Economics
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Critically evaluate the statement "Honolulu is an expensive place to live. Therefore the inflation rate must be high in Honolulu."
What will be an ideal response?
Economics
If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, then economists would describe this as
A) an increase in demand. B) an increase in quantity demanded. C) a change in consumer income. D) an increase in consumers' taste for coffee.
Economics