Question

In a market with an upward sloping supply curve and a downward sloping demand curve, a price floor?

Answer 1

In a market with an upward sloping supply curve and a downward sloping demand curve, a price floor creates a deadweight loss.

A market is a system, institution, process, social relationship, or infrastructure configuration that parties exchange. Although parties can exchange goods and services through barter, most markets rely on sellers offering goods and services to buyers in exchange for money.

A market is a place where buyers and sellers meet to facilitate the exchange or trade of goods and services. A marketplace can be physical, like a retail store, or virtual, like an e-merchant. Other examples include illegal markets, auction markets, and financial markets.

The structure of the economic market can be divided into four categories: perfect competition, monopolistic competition, oligopoly and monopoly.

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