In the diagram above, the price P2 in price control situation, is referred to as
a
minimum price
b
markup price
c
maximum price
d
mark-down price
Explanation
Correct Option
cNo explanation available
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Discussions (8)
johnlawrence
9 years ago
please don't make my brain burst...I was told that minimum price is set above the equilibrium price and maximum price is below the equilibrium price ...so maka why this naa?
klickinstitute
3 years ago
A is the correct answer. minimum price is a price above equilibrium or legislated price which yields excess supply while maximum price is a price below the equilibrium or legislated price which yields excess demand
