A market consequence of a price floor is that the price consumers pay with the floor when compared to the price they paid without the floor,

Name: A market consequence of a price floor is that the price consumers pay with the floor when compared to the price they paid without the floor,
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Question

Quizplus · Accepted Answer

A price floor, set above the equilibrium price, leads to a higher price for consumers and results in excess supply because the quantity supplied at the floor price exceeds the quantity demanded at that price.

A Market Consequence of a Price Floor Is That the Price