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8 Jul 2018
If a price floor is imposed on a market above equilibrium, welfare will increase when the price control is lifted.
If a price ceiling is below equilibrium and then is repealed and allowed to rise to equilibrium, welfare in the system will increase.
A. The first statement is true and the second is false
B. The first statement is false and the second statement is true
C. Both statements are false
D. Both statements are true
If a price floor is imposed on a market above equilibrium, welfare will increase when the price control is lifted.
If a price ceiling is below equilibrium and then is repealed and allowed to rise to equilibrium, welfare in the system will increase.
A. The first statement is true and the second is false |
||
B. The first statement is false and the second statement is true |
||
C. Both statements are false |
||
D. Both statements are true |
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