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A price floor above the market clearing price typically results inI.an excess quantity suppliedII.a ...

lmalma

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A price floor above the market clearing price typically results inI.an excess quantity suppliedII.a ...

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

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

Read 69 times

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anthead

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More solutions for this book are available here

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lmalma Author

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Thanks for your help!

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