Multiple Choice
A nonbinding price floor
(i) Causes a surplus.
(ii) Causes a shortage.
(iii) Is set at a price above the equilibrium price.
(iv) Is set at a price below the equilibrium price.
A) (iii) only
B) (iv) only
C) (i) and (iii) only
D) (ii) and (iv) only
Correct Answer:
Verified
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