The minimum price for a good set by the government above the equilibrium price is called a:
a. price ceiling.
b. price floor.
c. parity price ratio.
d. market-generated price.
e. deficiency price.
b
Economics
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A public good, such as a community's emergency warning sirens, typically
a. imposes benefits on only a few individuals but imposes costs on many people b. imposes both benefits and costs on relatively few individuals c. imposes benefits on many individuals but imposes the costs on relatively few people d. imposes both benefits and costs on many individuals e. only imposes costs on individuals when logrolling is prevalent in the government
Economics
A ______ can be viewed as a negative tax.
a. surplus b. deadweight loss c. subsidy d. supply curve
Economics