Which of the following is likely to have the highest price elasticity of demand?

To say that a price ceiling is binding is to say that the price ceiling

a. results in a shortage. b. is set below the equilibrium price. c. causes quantity demanded to exceed quantity supplied. d. All of the above are correct.

Which of the following statements is correct?

a. Gasoline taxes are an example of an EPA regulation. b. Gasoline taxes are higher in many European countries than in the United States. c. Gasoline taxes contribute to global warming. d. Gasoline taxes are an example of a command-and-control policy.