Multiple Choice
What happens if the price ceiling is set above equilibrium price?
A) It keeps the prices lower than they would be otherwise.
B) It keeps the prices higher than they would be otherwise.
C) Price increases despite price ceiling.
D) Nothing happens, effective price ceiling needs to be below equilibrium price.
Correct Answer:
Verified
Correct Answer:
Verified
Q69: If we assume that the current equilibrium
Q70: Which of the following best describes a
Q71: If the price of a good increases
Q72: Assume that the market demand and
Q73: A downward-sloped demand curve is consistent with
Q75: If we assume the following scenario: as
Q76: Assume that the demand is governed
Q77: During a recession, economies experience increased unemployment
Q78: If consumers in country A purchase many
Q79: Assume that the demand is estimated