What is the name of a legally determined minimum price that sellers may receive

What is the name of a legally determined minimum

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1. What is the name of a legally determined minimum price that sellers may receive? a. A price ceiling b. A price floor c. Marginal benefit d. Consumer surplus 2. What is the name of a legally determined maximum price that sellers may charge?
96 CHAPTER 4 Economic Efficiency, Government Price Setting, and Taxes 3. Which of the following is the definition of consumer surplus? 4. Which of the following is the definition of producer surplus? 5. Which of the following is the definition of marginal benefit? a. The additional benefit to a consumer from consuming one more unit of a good or service. b. The additional cost to a firm of producing one more unit of a good or service. c. The difference between the highest price a consumer is willing to pay and the price the consumer actually pays. d. The difference between the lowest price a firm would have been willing to accept and the price it actually receives. 6. Which of the following is the definition of marginal cost? 7. Refer to the graph below. What name other than demand curve can you give this curve? Price (dollars per cup) $7.00 $3.00 ................................. $2.001•»••••••••"•»»••·····"""""""""""""""-0 Demand Quantity (cups per week") 4
CHAPTER 4 Economic Efficiency, Government Price Setting, and Taxes 97

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