A wage is the price for labor. A minimum wage set above equilibrium wage would be an example of:
A. . a price ceiling.
B. . a price floor.
C. . a gap in prices or wages.
D. . a wage settlement.
A price ceiling is
A. . a legal maximum price at which a good can be sold.
B. . a legal minimum price at which a good can be sold.
C. . typically equal to the equilibrium price of a good.
D. . a price set by government that varies with market conditions.
If a price ceiling above the equilibrium price is imposed on gasoline, which of the following will result?
A. . There will be a surplus of gasoline.
B. . The quantity demanded will exceed the quantity supplied.
C. . The quantity supplied will exceed the quantity demanded.
D. . The quantity of gasoline demanded will equal the quantity of gasoline supplied.
If the government establishes a legal price floor for a good, the result will be a(n):
A. . shortage of the good, but only if the floor is equal to the equilibrium price.
B. . surplus of the good, but only if the floor is above the equilibrium price.
C. . surplus of the good, but only if the floor is below the equilibrium price.
D. . shortage of the good, but only if the floor is above the equilibrium price.
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