Answer:
A price floor set above the equilibrium price will result in a surplus of supply.
Explanation.
An equilibrium price refers to the price at which demand for a service or product is equivalent to the quantity of the product or service supplied in the market.
Setting a price floor above the equilibrium price essentially means that the set prices will be higher than what demand is willing to pay for the product or service. Demand will therefore purchase fewer quantity of the product offered by supply at the prevailing price than they would have at equilibrium price.
Since the price floor will raise the product price to considerably higher than the equilibrium price, supply will be willing to provide higher volumes of the product at the prevailing price than at equilibrium price.
This will lead to a mismatch in the market between supply and demand resulting into a surplus.
<span>In this case, Sara will see the ramen as a good that is more elastic in demand than will Sean. This will mean that, as income drops for Sara, she will purchase less of the good than will Sean. Sean will end up purchasing less of the good if he has an increase in income.</span>
Answer:
⚡️?
Explanation:
⚡️ nothing has a problem with the battery and the battery is a bit annoying and the battery is a bit annoying
