Multiple Choice
Assume an industry initially in equilibrium has a price floor imposed at a price above the equilibrium price. Total revenue received by the producers from sales will:
A) rise as a result.
B) rise as a result only if supply is elastic.
C) rise as a result only if demand is elastic.
D) rise as a result only if demand is inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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