What will probably happen when the price of a product goes down?
a) other prices will increas...
Business, 12.11.2019 18:31 summerjoiner
What will probably happen when the price of a product goes down?
a) other prices will increase
b) more people will want that product
c) fewer people will want that product
d) more will be able to pay for that product
Answers: 1
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Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.
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