Multiple Choice
Suppose the equilibrium price of bread is $2.00 per loaf.If the government sets a price ceiling of $2.50 per loaf:
A) the price of wheat will rise and a shortage is created.
B) the quantity supplied of wheat will increase.
C) there will be no change in the quantity of bread demanded or supplied.
D) there will be a shortage of bread.
E) there will be a surplus of bread.
Correct Answer:
Verified
Correct Answer:
Verified
Q90: The federal government's "Cash For Clunkers" program
Q109: The longer the time period considered, the
Q201: According to the law of supply, other
Q233: Assume a price floor is imposed at
Q234: A surplus will result whenever the:<br>A)government imposes
Q235: If the price elasticity of demand was
Q236: Phil and Lasca have always wanted to
Q238: If the demand curve for a life-saving
Q240: Figure 4-E <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5765/.jpg" alt="Figure 4-E
Q242: Exhibit 4-B <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5765/.jpg" alt="Exhibit 4-B