Multiple Choice
Regarding price floors on prices, the result of a higher-than-equilibrium market price is
A) a loss in producer surplus and a gain in consumer surplus.
B) a gain in producer surplus and a loss in consumer surplus.
C) a loss in both producer surplus and consumer surplus.
D) a gain in both producer surplus and consumer surplus.
E) no change in both producer surplus and consumer surplus.
Correct Answer:
Verified
Correct Answer:
Verified
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