One likely result of a price ceiling is that:
a. a surplus of product would result.
b. the price charged in the market would be above the equilibrium price.
c. the price charged in the market would be the equilibrium price.
d. the available product must be rationed.
e. the market supply curve will shift to the right.
d
You might also like to view...
Refer to the production possibilities frontier in the figure above. Which production point is unattainable?
A) point a B) point b C) point c D) point e
Marginal utility is defined as the
a. average amount of satisfaction gained from consuming a product b. total amount of satisfaction gained from consuming a product c. additional satisfaction gained from consuming one more unit of a product d. total amount of satisfaction gained from consuming a product divided by the number of units consumed e. total amount of satisfaction gained from consuming a product times the number of units consumed