Multiple Choice
Which statement best describes a price ceiling
A) A price ceiling is a legal maximum on the price at which a good can be sold.
B) A price ceiling is a legal minimum on the price at which a good can be sold.
C) A price ceiling occurs when the price in the market is temporarily above equilibrium.
D) A price ceiling occurs when the price in the market is subsidized by the government.
Correct Answer:
Verified
Correct Answer:
Verified
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