Solved: Choose five concepts that characterize a price floor, Microeconomics

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Choose five concepts that characterize a price floor

Choose five concepts that characterize a price floor. Maximum legal price set by government Allocative inefficiency arises

Minimum legal price set by government Permanent shortage results

Price below equilibrium price Permanent surplus results

Above-market clearing price QD > QS

Rationing function of price is effective QD < QS

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Microeconomics: Choose five concepts that characterize a price floor

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