Use the following to answer question :
-(Figure: The Market for Tortillas) Use Figure: The Market for Tortillas.With a nonbinding price floor,the price could be equal to _____,consumers would demand _____,and producers would supply _____.

Question

Use the following to answer question :

-(Figure: The Market for Tortillas) Use Figure: The Market for Tortillas.With a nonbinding price floor,the price could be equal to _____,consumers would demand _____,and producers would supply _____.

Quizplus · Accepted Answer

A nonbinding price floor is set below the equilibrium price, so the market operates at equilibrium. Therefore, the price is P2, and both consumers demand and producers supply Q2.

Use the Following to Answer Question