Multiple Choice
A nonbinding price floor
i.causes a surplus.
ii.causes a shortage.
iii.is set at a price above the equilibrium price.
iv.is set at a price below the equilibrium price.
A) (iii) only
B) (iv) only
C) (i) and (iii) only
D) (ii) and (iv) only
Correct Answer:
Verified
Correct Answer:
Verified
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