Asked by
Daniel E Torres
on Dec 05, 2024
Verified
Refer to Figure 2.2.2 above. An imposed price of $2.25 can be called:
A) a price ceiling.
B) a price floor.
C) a consumer-friendly price.
D) a price of equilibrium difference.
Imposed Price
A price that is set by an external authority rather than by market forces of supply and demand.
Consumer-friendly
Describes goods, services, or policies that are designed with the welfare or satisfaction of consumers in mind.
- Determine the impact of governmental actions like price floors and price ceilings on the balance of market prices.
Verified Answer
FL
Learning Objectives
- Determine the impact of governmental actions like price floors and price ceilings on the balance of market prices.