If a nonbinding price ceiling is imposed on a market, then the
A. price in the market will decrease.
B. price in the market will increase
C. quantity sold in the market will stay the same.
D. quantity sold in the market will decrease.
C. quantity sold in the market will stay the same.
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When economists study the interactions of different people, the focus of their studies is on
A) inequality of wealth. B) many different individual plans that must be coordinated. C) not enough jobs for everyone who wants one. D) people's excessive attachment to their own interests. E) too many dollars chasing too few goods.
Quantity DemandedPriceQuantity Supplied52$5073624562724051823542923033If government set a maximum price of $45 in the above market:
A. a surplus of 21 units would arise. B. a shortage of 21 units would arise. C. it would not change the free market equilibrium. D. a surplus of 40 units would arise.