Which statement best describes a price ceiling
A) A price ceiling is a legal maximum on the price at which a good can be sold.
B) A price ceiling is a legal minimum on the price at which a good can be sold.
C) A price ceiling occurs when the price in the market is temporarily above equilibrium.
D) A price ceiling occurs when the price in the market is subsidized by the government.
Correct Answer:
Verified
Q12: What is a legal minimum price at
Q13: What is a government-imposed maximum price at
Q14: When are price controls usually used
A)Price controls
Q15: Which of the following is a result
Q16: Figure 6-2 Q18: Why do policymakers choose to enact price
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