If a legal ceiling price for gasoline is set above the equilibrium price:
A) a shortage of the gasoline will occur.
B) a surplus of the gasoline will occur.
C) a black market will evolve.
D) neither the equilibrium price nor equilibrium quantity will be affected.
Correct Answer:
Verified
Q157: An effective ceiling price will:
A) induce new
Q248: What combination of changes would most likely
Q249: One can say with certainty that equilibrium
Q250: An increase in demand and an increase
Q251: If the supply of a product decreases
Q254: Which statement is not correct?
A)If demand increases
Q257: A decrease in demand and an increase
Q258: Students at Informed University pay $40 per
Q322: What combination of changes would most likely
Q332: What is the likely effect on the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents