Question 15 of 19 Map Deb sapling learning Select the correct type of price cont

Question

Question 15 of 19 Map Deb sapling learning Select the correct type of price control law described and then choose from the multiple choice when it is binding or nonbinding. Usury laws are laws that set a price maximum in the financial capital markets. When is it a binding ceiling? O the equilibrium interest rate is higher than the law permits O the equilibrium interest rate is lower than the law permits O it s never binding O it is always binding Minimum wage laws 3 are laws that set a wage minimum in the labor market. When is it a nonbinding floor? O it is never nonbinding O it is always nonbinding O the equilibrium wage rate is below the minimum wage rate O the equilibrium wage rate is above the minimum wage rate A O Previous & Give Up & View Solution Check Answer Next Ext Hint

Explanation / Answer

a) the answer is option 1 that is the equilibrium interest rate is higher than than the law permits

b) the equlibirum wage rate is above the minimum wage rate as it is nonbinding floor

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