Multiple Choice
Suppose in a market with Qd = 100 - 5P and Qs = 5P, the government imposes a price floor of $15. If the government is required to purchase any excess supply at the price floor, how much will the government have to pay to purchase the excess in this market?
A) Nothing; there is no surplus
B) $1,000
C) $1,500
D) $750
Correct Answer:
Verified
Correct Answer:
Verified
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