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Practice: Price Floor
Related Topics
Wize University Microeconomics Textbook > Government Interventions in Markets
Price Floor
3 Activities
Suppose a binding price floor on chocolate is proposed by the Candy Wizard of Candyland. What will be the likely effect on the market for chocolate in Candyland?
Quantity demanded will increase, quantity supplied will decrease, and a shortage will result.
Quantity demanded will increase, quantity supplied will decrease, and a shortage will result.
Quantity demanded will decrease, quantity supplied will increase, and a shortage will result.
Quantity demanded will decrease, quantity supplied will increase, and a surplus will result.
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More Price Floor Questions:
Price
Quantity Demanded
Quantity Supplied
1.70 1700 2000
1.50 1800 1950
Practice: Total Earnings
A binding minimum wage will increase the total dollar earnings of workers if:
Practice: Price Floor
An effective price floor will have no effect on the quantity sold (traded) if:
Consider a competitive labour market. The likely consequence of a binding minimum wage in this labour market is