oceangirl8883 oceangirl8883

10-02-2022
Business

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If a price floor is not binding, then a. the equilibrium price is above the price floor. b. there will be a surplus in the market. c. the equilibrium price is below the price floor. d. there will be a shortage in the market.

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ewomazinoade ewomazinoade

14-02-2022

When a price floor is not binding, the equilibrium price is above the price floor.

What is a price floor?

A price floor is when the government or an agency of the government sets the minimum price of a good or service. It is binding when the price floor is set above equilibrium price. It is nonbinding when it is set below equilibrium price.

Equilibrium price is the price at which quantity demanded is equal to quantity suppled. Price floor is usually set for agricultural goods.

To learn more about a price control, please check: brainly.com/question/24312330

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