Question

question 7 (1 point) a price ceiling is a legislated price that is a a price that can move to equilibrium b the same as the market equilibrium price c above the market equilibrium price d below the market equilibrium price question 8 (1 point) price floors create a surpluses b shortages c a lack of demand d equilibrium question 9 in the market for cell phones, if the supply of cell phones increases what will happen to the price and quantity of cell phones?

Explanation:

Price ceiling is a legal maximum price set below equilibrium. Price floor, a legal minimum above equilibrium, causes surpluses. Increased supply shifts supply curve right, lowering price and raising quantity.

Answer:

Question 7: d. below the market equilibrium price
Question 8: a. surpluses
Question 9: b. price will decrease and quantity will increase