Sawaal
5
Q:

A binding price floor causes

A) Excess demand for the goods B) Surplus supply of goods
C) Less supply of goods D) No demand for the goods

Answer:   B) Surplus supply of goods



Explanation:

A price floor is the minimum price that can be charged. A binding price floor occurs when the government sets a required price on goods at a price above equilibrium. Because the government requires that prices not drop below this price, that price binds the market for that good.

A binding price ceiling is one that is set below equilibrium price.

Subject: Business Awareness
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO
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