Asked by
Maleah Moses
on Nov 30, 2024
Verified
If the government set a price $24,there would be a price ___________,that would cause a ___________ of ______ units.
A) floor,shortage,10
B) floor,surplus,10
C) ceiling,shortage,10
D) ceiling,surplus,10
Price Floor
A government-imposed minimum price below which a certain good cannot be sold.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or commodity, often aimed at protecting consumers.
Shortage
A situation where the demand for a product or service exceeds the supply available at a given price.
- Differentiate the consequences of pricing strategies that involve setting prices above or below the market equilibrium.
Verified Answer
AS
Learning Objectives
- Differentiate the consequences of pricing strategies that involve setting prices above or below the market equilibrium.