Suppose the equilibrium price for sugar is Rs 50 kg If the government sets a price floor of Rs 70 kg...........

General Studies (CHSL) Indian Economy

Suppose the equilibrium price for sugar is Rs 50/kg. If the government sets a price floor of Rs 70/kg then _____.

quantity of sugar demanded will be greater than the quantity demanded at equilibrium price

there will be a shortage of sugar in the market

there will be a surplus of sugar in the market.

quantity of sugar supplied will be less than what was supplied at the equilibrium price

When there is no trade in the United States, the equilibrium price of sugar is 24 cents per pound and the equilibrium quantity is 80 tons.

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