tb mc qu. 03 - 200 in this market, economists would...\n\nquantity demanded\tprice\tquantity supplied\n52\t$…

tb mc qu. 03 - 200 in this market, economists would...\n\nquantity demanded\tprice\tquantity supplied\n52\t$ 50\t73\n62\t45\t62\n72\t40\t51\n82\t35\t42\n92\t30\t33\n\nin this market, economists would call a government - set minimum price of $50 a(n)\n\nmultiple choice\n\nprice ceiling.\n\nequilibrium price.\n\nfair price.\n\nprice floor.

tb mc qu. 03 - 200 in this market, economists would...\n\nquantity demanded\tprice\tquantity supplied\n52\t$ 50\t73\n62\t45\t62\n72\t40\t51\n82\t35\t42\n92\t30\t33\n\nin this market, economists would call a government - set minimum price of $50 a(n)\n\nmultiple choice\n\nprice ceiling.\n\nequilibrium price.\n\nfair price.\n\nprice floor.

Answer

Brief Explanations:

A price - floor is a government - set minimum price. In this case, a minimum price of $50 is set by the government. A price ceiling is a maximum price. The equilibrium price is where quantity demanded equals quantity supplied (at a price of $45 in the table as quantity demanded and supplied are both 62). There is no such standard economic term as "fair price" in this context.

Answer:

D. price floor