One of the problems created by price floors set above the equilibrium is:
a. consumers complain about high prices.
b. firms don't have incentives to reduce costs.
c. the creation of surplus.
d. how to cope with the shortages.
e. the impact on firm profitability.
c
Economics
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Demand is a schedule that shows
A) a set of possible prices for a good and the quantities of the good that will be purchased at each of those prices. B) how much income it takes to afford various quantities of a good. C) the relationship between the cost of producing a good and the price that sellers will charge. D) how population changes will affect the amount of a good that is needed.
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