When a binding price floor is imposed on a market to benefit sellers,
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- The imposition of a binding price floor on a market causes quantity demanded to be
- If the government imposes a binding price floor on sugar, it may also have to .
- Which of the following would increase quantity supplied, increase quantity demanded, and decrease the price that consumers pay? ( ) A: the imposition of a binding price floor . B: the removal of a binding price floor. C: the passage of a tax levied on producers. D: the repeal of a tax levied on producers .
- Assume a market is perfectly competitive. When a new producer enters the market, the A: price in the market increases. B: price in the market decreases. C: price in the market does not change. D: market is no longer a competitive market.
- Producer surplus measures A: the benefits to sellers of participating in a market. B: the costs to sellers of participating in a market. C: the price that buyers are willing to pay for sellers' output of a good or service. D: the benefit to sellers of producing a greater quantity of a good or service than buyers demand.