Question

Figure 6-8 price 10 9 8 7 6 5 4 3 2 1 S D 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 quantity Refer to Figure 6-8. When a certain price control is imposed on this market, the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P 1 dollars per unit for that quantity and sellers are willing and able to accept a minimum of P 2 dollars per unit for that quantity. If P 1 - P 2 = $3, then the price control is a. a price ceiling of $3.00. b. a price ceiling of $5.00. c. a price floor of $6.00. d. either a price ceiling of $3.00 or a price floor of $6.00.

          Figure 6-8
price
10
9
8
7
6
5
4
3
2
1
S
D
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 quantity
Refer to Figure 6-8. When a certain price control is imposed on this market, the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P 1 dollars per unit for that quantity and sellers are willing and able to accept a minimum of P 2 dollars per unit for that quantity. If P 1 - P 2 = $3, then the price control is
a. a price ceiling of $3.00.
b. a price ceiling of $5.00.
c. a price floor of $6.00.
d. either a price ceiling of $3.00 or a price floor of $6.00.

Figure 6-8
price
10
9
8
7
6
5
4
3
2
1
S
D
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 quantity
Refer to Figure 6-8. When a certain price control is imposed on this market, the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P 1 dollars per unit for that quantity and sellers are willing and able to accept a minimum of P 2 dollars per unit for that quantity. If P 1 - P 2 = 3, then the price control is
a. a price ceiling of3.00.
b. a price ceiling of 5.00.
c. a price floor of6.00.
d. either a price ceiling of 3.00 or a price floor of6.00.

Added by Patricia L.

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