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Likurg_2 [28]
3 years ago
13

Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon.Sele

ct whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.1. There are many teenagers who would like to work at gas stations, but the minimum-wage law sets the hourly wage at $24.00. 2. The government prohibits gas stations from selling gasoline for more than $2.50 per gallon. 3. The government has instituted a legal minimum price of $3.40 per gallon for gasoline.
Business
1 answer:
sergiy2304 [10]3 years ago
4 0

Answer:

1) It is a price floor which is binding as employeer cannot hire teenagers willing to work below 24 dollars per hour

2) it is a price celling and is biding as the current equilibrium price is 3.00 There will be shortage as demand will icnrease for the lower price but supply decrease as it is not as profitable

3) it is a price floor which is also binding as the equilibrium is at 3 dollars the supplier will have to increase price and sales volume will be lower as demand will drop

Explanation:

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DerKrebs [107]

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3 years ago
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Explanation:

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3 years ago
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7 0
3 years ago
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The voting age should be lowered? Why?​
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Answer:

This is a two way question.

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Voting is a privilege given to adults once they are 18 or older because that is the legal age that you are no longer considered a minor. I do not think children should be able to vote because they are obviously to young to have such responsibility as choosing the best candidates for the job, I do however believe that children and adults should be given the education and knowledge of political stances and parties whenever possible, to provide a higher percentile of average people to vote and actually know what they are voting for. This question is and should be considered a strictly opinionated topic.

6 0
3 years ago
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