A price ceiling might be an appropriate government response to a
a. period of falling farm prices due to unusually good harvests
b. substantial increase in farm productivity due to marked applications of new technology in agriculture
c. national security crisis leading to major shortages of essential goods
d. period of extraordinary large surpluses of farm goods
e. good in which the demand is considerably less than the supply
C
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All of the following are criticisms of the Lorenz curve EXCEPT
A) The Lorenz curve does not include in-kind transfers. B) The Lorenz curve does not account for age differences. C) The Lorenz curve does not account for differences in the sizes of families. D) The Lorenz curve does not account for differences in education levels.
The imposition of both tariffs and nontariff barriers leads to: a. an increase in total surplus
b. increased domestic consumption. c. increases in the prices of imported goods. d. increased foreign production.