If a price ceiling is set above the equilibrium price, then
A) prices will fall as soon as the ceiling price is abolished.
B) prices will remain the same (not rise) when the price ceiling is lifted.
C) equilibrium price and ceiling prices are two totally different concepts and hence do not affect each other.
D) prices will begin to rise rapidly when the price ceiling is lifted.
Correct Answer:
Verified
Q41: Demand is defined as
A)the quantity people would
Q54: Which statement is true?
A)The quantity demanded is
Q59: When a price ceiling that has an
Q61: When a price floor that has an
Q65: If the equilibrium price of an hour
Q66: During World War II,there was an extensive
Q67: Which statement is true?
A)Rent control is a
Q69: When a price ceiling which had been
Q70: When the supply of 35 mm cameras
Q75: When there is a price floor there
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