
Price Floors and Market Effects

Interactive Video
•
Mathematics, Business, Social Studies
•
9th - 12th Grade
•
Hard

Patricia Brown
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of a price floor in a market?
To ensure maximum profit for producers
To prevent prices from falling below a certain level
To increase consumer demand
To eliminate market competition
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a price floor affect the market equilibrium?
It prevents the market from reaching equilibrium
It lowers the equilibrium price
It raises the equilibrium price
It has no effect on the equilibrium
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when there is excess supply in the market due to a price floor?
Prices increase to clear the surplus
The government buys the surplus
Consumers purchase more to clear the surplus
Producers reduce production to clear the surplus
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is consumer surplus affected by the introduction of a price floor?
It decreases significantly
It remains unchanged
It becomes negative
It increases significantly
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of a price floor on producer surplus?
It becomes zero
It decreases
It remains the same
It increases
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can the area of producer surplus be calculated?
By using the formula for a circle
By using the formula for a trapezoid
By using the formula for a rectangle
By using the formula for a triangle
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is deadweight loss in the context of a price floor?
The gain in producer surplus
The total loss of surplus that no one receives
The loss of producer surplus
The loss of consumer surplus
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