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2 months ago

Question 1.




Refer to the above figure. If government sets the maximum legal price of gasoline at $2 per gallon, then the $2 limit acts as

• a price ceiling.

• a just price.

• a price floor.

• an equilibrium price.

Question 2.




Refer to the above figure. At a price of $2 per gallon, there is

• a shortage of 60,000 gallons per month.

• a shortage of 40,000 gallons per month.

• a shortage of 80,000 gallons per month.

• a surplus of 20,000 gallons per month.
Source  Download
Economics Today: The Micro View
Edition: 19th
Author:
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wrote...
Posts: 189
2 months ago
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Answer 1

a price ceiling.

Answer 2

a shortage of 60,000 gallons per month.
1
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