Market demand is given as Q_D= 75 - 2P.Market supply is given as Q_S= 3P.Which legally imposed price would constitute a binding price floor

Name: Market demand is given as Q D = 75 - 2P.Market supply is given as Q S = 3P.Which legally imposed price would constitute a binding price floor
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Question

Quizplus · Accepted Answer

A binding price floor is set above the equilibrium price. The equilibrium price is $15, so a price floor of $40 is binding.

Market Demand Is Given as QD = 75 - 2P

Market Demand Is Given as Q_D= 75 - 2P