All of the following statements about price by Prof. Frank Levy

Question 3 / 43: All of the following statements about price floors are true except:

A There will be a surplus of a commodity when a price floor is set above the equilibrium price.

B The government may have to set up a system of storage to handle the excess supply when a price
floor is set above the equilibrium price.

C If the price floor is set below the equilibrium price, the intervention will have no effect
on the market.

D If the price floor is set below the equilibrium price, the price must be reduced.

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Microeconomics Practice MCQ

Author:

Prof.Frank LevyLecturer

Harvard Medical School

USA

Access: Public Instant Grading

Attribution: Levy, Frank. 11.203 Microeconomics, Fall 2010. (MIT OpenCourseWare: Massachusetts Institute of Technology), http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010 (Accessed 13 Mar, 2014). License: Creative Commons BY-NC-SA

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