[单选]A government-imposed price of $6 in this market is an example of a
A. binding price ceiling that creates a shortage.
B. non-binding price ceiling that creates a shortage.
C. binding price floor that creates a surplus.
D. non-binding price floor that creates a surplus.
[单选]Suppose the government has imposed a price floor on cellular phones. Which of the following events could transform the price floor from one that is binding to one that is not binding?
A. Cellular phones become less popular.
B. Traditional land line phones become more expensive.
C. The components used to produce cellular phones become less expensive.
D. Firms expect the price of cellular phones to fall in the future.
[单选]Which of the following is correct?
A. Rent control and the minimum wage are both examples of price ceilings.
B. Rent control is an example of a price ceiling, and the minimum wage is an example of a price floor.
C. Rent control is an example of a price floor, and the minimum wage is an example of a price ceiling.
D. Rent control and the minimum wage are both examples of price floors.
[单选]The burden of a luxury tax falls
A. more on the rich than on the middle class.
B. more on the poor than on the rich.
C. more on the middle class than on the rich.
D. equally on the rich, the middle class, and the poor.
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