Multiple Choice
Suppose the government has imposed a price ceiling on laptop computers.Which of the following events could transform the price ceiling from one that is not binding into one that is binding?
A) Improvements in production technology reduce the costs of producing laptop computers.
B) The number of firms selling laptop computers decreases.
C) Consumers' income decreases,and laptop computers are a normal good.
D) The number of consumers buying laptop computers decreases.
Correct Answer:

Verified
Correct Answer:
Verified
Q122: In the 1970s, long lines at gas
Q205: When a binding price floor is imposed
Q206: Figure 6-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 6-2
Q207: A nonbinding price ceiling<br>(i)Causes a surplus.<br>(ii)Causes a
Q208: Which of the following statements about the
Q210: When government imposes a price ceiling or
Q211: You have responsibility for economic policy in
Q213: Which of the following would be the
Q215: If a binding price ceiling is imposed
Q319: Suppose the equilibrium price of a physical