Biology Forums - Study Force

Question 1.

Which of the following statements about a price system is TRUE?

I.	Prices ration goods and services.

II.	Prices indicate relative scarcity.

• I only

• II only

• Both I and II

• Neither I nor II

Question 2.

A price floor above the market clearing price typically results in

I.	an excess quantity supplied

II.	a shortage

III.	an excess quantity demand

• I only

• II only

• III only

• II and III only

Content hidden

Thanks for your help!