Which of the following is true?
i. A price ceiling set above the equilibrium price has no effects.
ii. A price ceiling set below the equilibrium price creates a surplus.
iii. A price floor set above the equilibrium price has no effects.
A) only i
B) only ii
C) only iii
D) i and ii
E) ii and iii
A
Economics
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When the government sets a price floor which is above the equilibrium price
A) a surplus will develop. B) a shortage will develop. C) the equilibrium price will be maintained. D) a price ceiling will follow.
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Which of these is a lagging economic indicator?
a. The unemployment rate b. Personal income c. Industrial production d. Total employment e. Fluctuations in stock prices
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