A price floor that is set above the equilibrium price
A) causes suppliers to lower their prices.
B) is binding.
C) is non-binding.
D) creates a shortage.
B
Economics
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For each of the following pairs of products, state which are complements, which are substitutes, and which are unrelated
a. Digital camera and memory stick b. 7Up and Mountain Dew c. Swimsuits and flip-flops d. Tylenol and cat food e. Photocopier and paper
Economics
"It would be an undue hardship to require people whose income is below $15,000 per year to pay income taxes." This statement reflects which of the following principles for a tax?
A. benefits-received B. inexpensive-to-collect C. ability-to-pay D. fairness of contribution
Economics