If the government imposed a price ceiling on gasoline above this good's current market clearing price, there would be
A) a shortage of gasoline. at the ceiling price.
B) a surplus of gasoline at the ceiling price.
C) an increase in the price of gasoline.
D) no change in the price of gasoline.
Answer: D
Economics
You might also like to view...
Macroeconomic variables that the Fed cannot control directly but can influence fairly predictably, and which are related to the Fed's goals, are known as
A) instruments. B) tools. C) intermediate targets. D) initial targets.
Economics
The Taiwanese government allows tax credits for domestic producers who compete with manufacturers in First World nations. This suggests that Taiwan engages in _____
a. trade protectionism b. export substitution c. foreign exchange market intervention d. import substitution e. voluntary export restrictions
Economics