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D Ques D Question 21 The inc When a binding price ceiling is put in place will hap O there will be a surplus in the market O dem O the quality of the product is likely to increase O' the O the quantity supplied will increase and the quantity demanded will decrease O dem O the quantity supplied will decrease and the quantity demanded will increase O dem Question 23 D Questi If the qu If a binding price floor is removed, then the price received by sellers will O elasti increase and the quantity sold in the market will increase. O elasti O increase and the quantity sold in the market will decrease. O inelas O decrease and the quantity sold in the market will increase. inelas O decrease and the quantity sold in the market will decrease. Question 27 2 pts Which of the following is true when demand is inelastic? Total revenue increases when price falls. O The absolute value of price elasticity is less than 1. The absolute value of price elasticity is greater than 1. The percentage change in quantity demanded is greater than the percentage change in price for any small change in price