If a legal ceiling price is set above the equilibrium price:
A) a shortage of the product will occur
B) a surplus of the product will occur
C) an underground market will evolve
D) neither the equilibrium price nor equilibrium quantity will be affected
E) a surplus for the product will first appear and then disappear
Correct Answer:
Verified
Q52: Which of the following generalizations is correct?
A)The
Q53: A price ceiling means that:
A)the relevant product
Q54: The main reason for agricultural price supports
Q55: Q56: An effective price ceiling will: Q58: If agricultural price supports are combined with Q59: The obvious losers from rent controls are:
A)induce new firms
A)tenants
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