Suppose a government imposes a price ceiling and price floor in the same market. If the price ceiling is lower than the price floor, then: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The market cannot function. b The market will function but fewer units will be sold than in the original equilibrium. The market will function but more units will be sold than in the original equilibrium.

Find the consumers' surplus and the producers' surplus at the equilibrium price level for the given price-demand and price-supply equations. Include a graph that identifies the consumers' surplus and the producers' surplus. Round all values to the nearest integer. p=D(x) = 110e 0.004x. `; p= S(x) = 25e0.004x The value of x at equilibrium is. (Round to the nearest whole number as needed.)

Question 9   Setting a price ceiling below the equilibrium price can result in   a surplus, where the quantity demanded exceeds the quantity supplied.   a shortage, where the quantity demanded exceeds the quantity supplied.   a surplus, where the quantity supplied exceeds the quantity demanded.   a shortage, where the quantity supplied exceeds the quantity demanded.   no impact on the quantity demanded or the quantity supplied.     Question 10   US minimum wage law is an example of a   price floor.   price ceiling.   law that requires quantity demanded to be equal to quantity supplied.   law that allows individual employers and employees to make free decisions.   law that sets the minimum number of hours that an employee must work for wages during the week.     Question 11 Gross domestic product (GDP) is best defined as the total market…

Question 12 The equilibrium price of a good is $4 with no price controls.  The price of the good would continue to serve as the rationing mechanism (i.e., the control would not be "binding") if Group of answer choices a price floor of $5 is imposed. All of the above are correct. a price ceiling of $3 is imposed. a price ceiling of $5 is imposed.

Trying to see what I misunderstood with this questions. Thank you!