If a price ceiling is set above the equilibrium price in a market
A. rationing will be necessary.
B. the quantity supplied will equal the quantity demanded.
C. the quantity demanded will exceed the quantity supplied.
D. surpluses of the commodity will develop.
Answer: B
Economics
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The horizontal axis in the AD-AS model shows:
A. the economy's nominal GDP growth rate. B. the economy's short-term interest rate. C. the economy's real GDP growth rate. D. the economy's inflation rate.
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