Question

what best describes price control?
economic deregulation
trade liberation
government laws to regulate prices instead of letting market forces determine prices
market freedom

question 23
1 pts
what best describes price floor?
a legal minimum price
average price
market cap
ceiling limit

question 24
1 pts
what best describes producer surplus?
market equilibrium
the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept
consumer deficit
production cost

Explanation:

• Price control refers to government - imposed laws to regulate prices instead of relying on market - driven price determination.
• A price floor is a legal minimum price set by the government to prevent prices from falling too low.
• Producer surplus is the extra benefit producers get when selling a good or service, calculated as the actual price received minus the minimum acceptable price.

Answer:

• Question 1: government laws to regulate prices instead of letting market forces determine prices
• Question 23: a legal minimum price
• Question 24: the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept