What is a price ceiling?
What will be an ideal response?
A price ceiling is a maximum price that sellers can charge for a product.
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Which of the following is a stock?
A. Consumption B. Wealth C. Saving D. Income
The planning curve is the
A. short-run marginal cost curve. B. production function. C. long-run average cost curve. D. short-run average cost curve.
Suppose the prices of petroleum products, including gasoline and fuel oil, fell sharply. Which of the following would most likely occur as the result of the lower prices of petroleum products?
a. A reduction in the consumption of gasoline. b. An increase in demand for solar heating systems. c. An increase in demand for smaller, more efficient automobiles. d. A reduction in the demand for home insulation products.
Scarcity applies to: a. only the poor
b. the value of our time. c. both the rich and poor. d. both (b) and (c)