Standardized goods and services sold in the market are likely to have high switch-over costs

Suppose the price of coffee is $3 each, the price of bagels is $2 each and a person's budget is $40. The person's real income is

A) $40. B) $13.33 in terms of bagels. C) $13.33 in terms of coffee. D) $8.

Price floors are instituted because the government wants to:

a. help consumers. b. help producers. c. raise tax revenue. d. prevent imports. e. increase demand.