What is the difference between a price floor and a price ceiling?
a. a price floor is the minimum price allowed for a good. a price ceiling is the maximum price allowed for a good.
b. a price floor is the maximum price allowed for a good. a price ceiling is the minimum price allowed for a good.
c. a price floor is an advantage for consumers for buying a good. a price ceiling is a disadvantage for consumers for buying a good.
d. a price floor is a disadvantage for consumers for buying a good. a price ceiling is an advantage for consumers for buying a good.

which statement best describes why a government’s actions are important in macroeconomics? check all that apply.

1 government controls industry through policy.

2 government is both a consumer and a producer.

3 government can prevent changes and challenges.

4 government can use policy to influence the economy.

5 government can accurately predict economic trends.

1 , 2 & 4 for edgenu

according to this graph, how does supply behave in the long run?

a ]output remains constant.

b ]output increases.

c ]output cannot be predicted.

d ]output decreases.

the answer is a ]   for edgenu

changes in factors like average income and preferences can cause an entire demand curve to shift right or left. this causes a higher or lower quantity to be demanded at a given price. demand curves relate the prices and quantities demanded assuming no other factors change. it is important for consumers to know this information, because it is crucial for them to know what they can afford and can't afford. i hope this .