Multiple Choice
A price ceiling is
A) the minimum allowable price set by government, and it causes a surplus if effective.
B) the maximum allowable price set by government, and it causes a shortage if effective.
C) the equilibrium price.
D) the maximum allowable price set by government, and it causes a surplus if effective.
E) the minimum allowable price set by government, and it causes a shortage if effective.
Correct Answer:
Verified
Correct Answer:
Verified
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