Excess Demand is occurring.
This means that the amount of supply in a market cannot keep up with demand.
Answer:
Explanation:
We will solve this linear programming problem using Excel -> Solver
Below excel screen prints show approach for the calculation
Answer:
The correct answer is option A.
Explanation:
Consumer surplus can be defined as the difference between maximum price a consumer is willing to pay and the market price.
A binding floor refers to the price floor that is set below the equilibrium market price.
A price floor below the equilibrium market price will increase the difference between the maximum price the consumer is willing to pay and the price it has top actually pay.
Thus, it increases the consumer surplus.
I think the correct answer from the choices listed above is option B. One important likeness is that they always expect change. Millenials and gen xers always like change and are motivated by it. Hope this answers the question. Have a blessed day.
Your answer is going to be true.
