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Figure 6-2 -Refer to Figure 6-2.Which of the Following Statements Is Correct

Question 29

Multiple Choice

Figure 6-2
Figure 6-2 -Refer to Figure 6-2.Which of the following statements is correct? A) A price ceiling set at $12 would be binding, but a price ceiling set at $8 would not be binding. B) A price floor set at $8 would be binding, but a price ceiling set at $8 would not be binding. C) A price ceiling set at $9 would result in an excess supply. D) A price floor set at $11 would result in a surplus.
-Refer to Figure 6-2.Which of the following statements is correct?


A) A price ceiling set at $12 would be binding, but a price ceiling set at $8 would not be binding.
B) A price floor set at $8 would be binding, but a price ceiling set at $8 would not be binding.
C) A price ceiling set at $9 would result in an excess supply.
D) A price floor set at $11 would result in a surplus.

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