Multiple Choice Questions on A price floor is ........ for SSC CHSL Preparation

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Multiple Choice Questions

A price floor is ........

General Studies (CHSL) Indian Economy
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    A price floor is _____.

    a maximum legal price

    Incorrect Answer

    a minimum legal price

    Correct Answer

    the price where demand equals supply

    Incorrect Answer
    the price where elasticity of demand equals elasticity of supply
    Incorrect Answer
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    Explanation:
    A price ceiling is a legal maximum price, but a price floor is a legal minimum price and, consequently, it would leave room for the price to rise to its equilibrium level. In other words, a price floor below equilibrium will not be binding and will have no effect.
     

    By: Barka Mirza
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