Inequality
AP Microeconomics · Flashcards · Application
AP MICROECONOMICS · FLASHCARDS
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QUESTION
Identify whether a price floor is binding if
P
∗
=
20
P^* = 20
P
∗
=
20
and
P
f
=
18
P_f = 18
P
f
=
18
.
QUESTION
Identify demand elasticity type if
∣
E
d
∣
=
0.6
|E_d| = 0.6
∣
E
d
∣
=
0.6
.
QUESTION
Identify the market outcome if
P
∗
=
10
P^* = 10
P
∗
=
10
and the actual price is
P
=
12
P = 12
P
=
12
.
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ANSWER
Surplus.
P
=
12
>
P
∗
=
10
P = 12 > P^* = 10
P
=
12
>
P
∗
=
10
creates excess supply.
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