Suppose the equilibrium price of a good is $10. The government sets a minimum price in the market of $8. The minimum price is an example of a(n):equilibrium price.price ceiling.fair price.price floor.

Minimum wage is an example of a price floor. If minimum wage laws are enforced, there is ___in the market.A.balanceB.efficiencyC.a surplusD.equilibriumE.a shortage

Question 10If a price ceiling is imposed below the equilibrium price:1 pointsupply will increase above what it would be otherwise.demand will decrease below what it would be otherwise.the quantity supplied will be higher than it would be otherwise.the quantity demanded will be higher than it would be otherwise.

Question 11The equilibrium price is also known as1 pointthe fair price.the market-clearing price.the common price.the average price.

Question 12If the price of a good is held above the equilibrium price:1 pointdemand will decrease.quantity demanded will exceed quantity supplied.quantity supplied will exceed quantity demanded.supply will increase.

Equilibrium occurs:Question 3Select one:a.at the lowest price consumers are willing to pay.b.at any price for which quantity demand is equal to quantity supply.c.at any price for which quantity demanded is less than the quantity supplied.d.at any price for which quantity demanded is greater than the quantity supplied.e.at the highest price consumers are willing to pay.