Which of the following might explain why the government would create a price ceiling for a certain good?
a. The equilibrium price that would result in the market would be considered too high
b. The equilibrium price that would result in the market would be considered too low
c. The equilibrium quantity that would result in the market would be considered too high
d. The equilibrium quantity that would result in the market would be considered too low
e. The government never has a reason to create price floors or price ceilings
A
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The difference in economic growth in North Korea and South Korea can be primarily attributed to differences in ________
A) the proximate causes of prosperity B) geography C) culture D) institutions
All of the following are examples of goods for which external costs commonly exist EXCEPT
A) cigarettes. B) automobiles. C) vaccinations. D) oil transportation.