For a particular product, an effective price ceiling results in
A. demand equal to supply.
B. quantity supplied greater than quantity demanded.
C. quantity demanded equal to quantity supplied.
D. quantity demanded greater than quantity supplied.
Answer: D
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If the price of a soda increases from 75ยข to $1.00 and as a result the quantity demanded of sodas decreases from 10 to 9 per week, the elasticity of demand for sodas equals
A) 2.72. B) 0.37. C) 0.83. D) 1.20.
The social insurance provided by the government is insurance against
a. floods, hurricanes, and other natural disasters b. loss of funds in private pension programs c. sizable income losses when people retire or when they become disabled or unemployed d. loss of value of stocks and bonds when corporations go bankrupt e. loss of funds in private pension plans, retirement annuities, and unemployment