what best describes price control?\n economic deregulation\n trade liberation\n government laws to regulate…
what best describes price control?\n economic deregulation\n trade liberation\n government laws to regulate prices instead of letting market forces determine prices\n market freedom\n\nquestion 23\n1 pts\nwhat best describes price floor?\n a legal minimum price\n average price\n market cap\n ceiling limit\n\nquestion 24\n1 pts\nwhat best describes producer surplus?\n market equilibrium\n the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept\n consumer deficit\n production cost
Answer
Brief Explanations:
- Price control refers to government - imposed laws to regulate prices instead of relying on market - driven price determination.
- A price floor is a legal minimum price set by the government to prevent prices from falling too low.
- Producer surplus is the extra benefit producers get when selling a good or service, calculated as the actual price received minus the minimum acceptable price.
Answer:
- Question 1: government laws to regulate prices instead of letting market forces determine prices
- Question 23: a legal minimum price
- Question 24: the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept