Explain about the minimum legal price

Please help me to solve the problem that is given below.

A minimum legal price is a price: (1) foundation. (2) umbrella. (3) ceiling. (4) cut. (5) floor.

I need a good answer on the topic of Economic problems. Please give me your suggestion for the same by using above options.

View Complete Question

Related Questions in Microeconomics

Q : Relative Prices-Rational consumer I

I have a problem in economics on Relative Prices-Rational consumer. Please help me in the following question. The rational consumer buying decisions based on: (1) Present prices. (2) Absolute prices. (3) Nominal prices. (4) Relative prices.

Q : Change in prices after short run demands

Can someone please help me in finding out the accurate answer from the following question. The changes in gasoline prices do not change short-run demands for (1) Bigger versus smaller cars. (2) Gasoline. (3) Alternative forms of the transportation. (4) Batteries, Tire

Q : Increase revenues when price falls When

When the price elasticity of demand for fried cheesy grits at Pixie’s Breakfast Grill is two, in that case a price cut of $2.80 to $2.00 per serving of grits would be most probably to: (1) reduce Pixie’s revenues from grits by roughly fort

Q : Determine least price elastic points

The section of this supply curve for 2×4s which is least price elastic is in between: (i) point a and point b. (ii) point b and point c. (iii) point c and point d. (iv) point d and point e. (v) point e and point f.

Q : Collective bargaining agreements Tell

Tell me the answer of this question. Collective bargaining agreements cover: A) wages and hours. B) union status. C) seniority and job opportunities. D) all of the above.

Q : Exploitation problem If the resource

If the resource suppliers are paid less than the values of their marginal products [VMPs], then they are stated to be: (i) In equilibrium. (ii) Exploited. (iii) Monopolistic. (iv) Monopsonistic. Can someone please help me in findin

Q : What will be included in illustrations

Illustrations of price floors comprised: (1) agricultural subsidies upon, for example: corn. (2) usury laws, that are limits on the interest rates on loans. (3) utility rate structures upon natural gas or electricity. (4) rent controls in London, San

Q : Total revenue exceed total variable

A firm within a purely competitive industry: (w) will produce only as long as its marginal revenue is greater than its marginal cost. (x) decides what level of output to produce based upon an analysis of total revenues and total costs. (y) produces th

Q : Resource market in equilibrium When the

When the resource market demonstrated in this figure is into equilibrium: (1) owners of these resources currently receive no economic rents. (2) economic rent is specified from trapezoid Oade. (3) the rectangle Obde measures consumer surplus by the fi

Q : Infinite price elasticity of supply The

The price elasticity of supply in given grph is infinite therefore supply is perfectly price elastic within: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D.

Discover Q & A

Leading Solution Library

Avail More Than 1421994 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1958592
Asked

3,689

Active Tutors

1421994

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment