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

Business

1 answer:

yKpoI14uk [10]3 years ago

8 0

Answer:

price floor , binding

price ceiling binding

price floor , non binding

Explanation:

A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price

Because firms are unable to hire workers due to the minimum wage laws., it means it is binding price floor

Equilibrium price is $3 and the maximum price is $2.70 . Thus, it is a binding price ceiling

Equilibrium price is $3 and the minimum price is $2.70 . Thus, it is a binding floor

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Answer:

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Explanation:

Data provided in the question

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when an organization produces only a single product and attempts to sell it to two or more market segments, it avoids which cost

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When an organization produces only a single product or service and attempts to sell it to two or more market segments. It avoids the extra costs of developing and producing additional versions of the product.

For better understanding, lets explain the term

Market segmentation is simply known as the act of gathering or aggregating known buyers into groups that have common needs and will respond almost the same to a marketing action.
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