Question

When a certain price control is imposed on this market, the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P 1 dollars per unit for that quantity and sellers are willing and able to accept a minimum of P 2 dollars per unit for that quantity. If P 1 − P 2 = $3, then the price control is a. only a price ceiling of $3.00. b. only a price ceiling of $6.00. c. only a price floor of $6.00. d. either a price ceiling of $3.00 or a price floor of $6.00.

Answer 1

Answer:

attached below is the missing figure

either a price ceiling of $3.00 or a price floor of $6.00. ( D )

Explanation:

P1 - P2 = $3

P1 = maximum amount a buyer is willing to pay

P2 = minimum amount a selling  is willing to accept

The price control :

The price ceiling and the price floor of the market can act  as the price control and the price ceiling is usually lower than the price floor hence the price control will be :

either a price ceiling of $3.00 or a price floor of $6.00.

Answer 2

If P 1 − P 2 = $3, then the price control is either a price ceiling of $3.00 or a price floor of $6.00. Option (D)

What is Price and quantity?

P1 - P2 is = $3

P1 is = maximum amount a buyer is willing to pay

Then P2 is = minimum amount a selling  is willing to accept

When The price control is:

When The price ceiling and also the price floor of the market can act  as the price control and also the price ceiling is usually lower than the price floor hence the price control will be :

Therefore, Option 'D' is Correct either a price ceiling of $3.00 or a price floor of $6.00.

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