Multiple Choice
If the free- market equilibrium price for some product is $25, then a legal price ceiling set at $15 will bring about
A) a surplus of the good.
B) the same general effects as an equilibrium price of $15.
C) no change in the market outcomes.
D) the same general effects as a price ceiling of $25.
E) a shortage of the good.
Correct Answer:
Verified
Correct Answer:
Verified
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