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ECS1501-25-Y
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What happens when a maximum price is set below the equilibrium price?
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Fixing a minimum price for maize above the equilibrium price will give rise to the problem of how to dispose of the resultant surplus of maize.
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Fixing a maximum price below the equilibrium price will prevent the market mechanism from allocating available quantities of a specific good and/or service to consumers.
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Fixing a minimum price for maize above the equilibrium price is an ineffective way of supporting poorer farmers because inefficient producers are protected and survive financially to continue farming.
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If the price elasticity of supply = 1, the supply is said to be
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Which situation best describes a perfectly elastic supply?
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Which of the following is likely to make supply more elastic?
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Which of the following pairs are most likely to have high positive cross elasticity?
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If the price of Good A rises by 10% and the quantity demanded of Good B rises by 5%, what is the cross elasticity?
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Cross elasticity of demand measures the responsiveness of
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