4. Suppose the government imposed a minimum price of
$7 in the schedule of exercise 3. What would occur?
Illustrate.
5. In exercise 3, indicate what the price would have to be
to represent an effective price ceiling. Point out the surplus
or shortage that results. Illustrate a price floor and
provide an example of a price floor.
13. Evaluate the following statement: â??The demand for
U.S. oranges has increased because the quantity of U.S.
an orange demanded in Japan has risen.â?
... In my opinion, there should not be any price ceilings as that interferes with ... goes into a great amount of detail related to the Price ceiling question being ...
... This occurs where those consumers that have acquired the good sell it at an illegal price above the price ceiling. 5. Name 2 results of price ceilings. ...
... 4. In exercise 3, indicate what the price would have to be to represent an effective price ceiling. Point out the surplus or shortage that results. ...
