Price ceilings will impose costs on society because they:
A)will eliminate long waiting lines.
B)may result in black markets,where prices are lower than the market-determined price would be.
C)lead to a smaller quantity offered on the market.
D)help businesses instead of consumers.

Question

Quizplus · Accepted Answer

Price ceilings, when set below the market equilibrium price, lead to shortages as the quantity demanded exceeds the quantity supplied, resulting in a smaller quantity offered on the market.

Price Ceilings Will Impose Costs on Society Because They