Ask a Question
  
  
  
Top Posters
Since Sunday
24
24
23
23
23
22
21
21
21
20
20
20
New Topic  
wrote...
Posts: 73
Rep: 6 0
2 weeks 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:
Read 7 times
1 Reply
Replies
Answer verified by a subject expert
wrote...
Posts: 72
2 weeks ago
Sign in or Sign up in seconds to unlock everything.

Answer 1

a price ceiling.

Answer 2

a shortage of 60,000 gallons per month.
1
Related Topics
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers.
Learn More
Improve Grades
Help Others
Save Time
Accessible 24/7
  107 People Browsing
Related Images
 382
 93
 23