Sherry wants to rent an apartment. although rents are below what she is willing to pay, she cannot find an apartment. then after a month of searching, she finds an apartment but she has to pay an additional $1,000 to have the locks changed. sherry has just experienced the effects of a) a rent floor with a black market b) inelastic demand c) a market working efficiently d) a rent ceiling 12. a price floor a) always results in a surplus. b) always results in a shortage. c) results in a surplus if the floor price is higher than the equilibrium price. d) results in a shortage if the floor price is higher than the equilibrium price.

On february 10, 2014, after issuance of its financial statements for 2013, higgins company entered into a financing agreement with cleveland bank, allowing higgins company to borrow up to $6,000,000 at any time through 2016. amounts borrowed under the agreement bear interest at 2% above the bank's prime interest rate and mature two years from the date of loan. higgins company presently has $2,250,000 of notes payable with star national bank maturing march 15, 2014. the company intends to borrow $3,750,000 under the agreement with cleveland and liquidate the notes payable to star national bank. the agreement with cleveland also requires higgins to maintain a working capital level of $9,000,000 and prohibits the payment of dividends on common stock without prior approval by cleveland bank. from the above information only, the total short-term debt of higgins company as of the december 31, 2013 balance sheet date is