A line that represents combinations of two goods that a consumer can purchase with a fixed income and given price for each good is called the:

For each of the following sets of supply and demand curves, calculate equilibrium price and quantity

a. QD = 1000 - P; QS = P b. QD = 1500 - 2P; QS = 100 + 2P c. QD = 2000 - 3P; QS = -300 + 3P

Price ceilings are adopted in most cases because

A) the government views the current equilibrium price as too high for consumers. B) the government wants to create surpluses. C) the government favors a non-intervention policy. D) producers need incentives to produce more of the good or service.