Which of the following statements is true about price ceilings?
A. Price ceilings cause goods to be rationed.
B. Price ceilings cause goods to be rationed by some other means than legally determined
market prices.
C. Ration coupons are the only way to ration goods when price ceilings are in place.
D. All of the other statements are correct.
Answer: B
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Briefly discuss the source of federal government revenues. Give special attention to the evolution of revenue sources since the 1960s
What will be an ideal response?
Which of the following is the best description of the effects of an increase in the supply of bread?
a. Consumers will pay more for bread. b. Bread prices will fall, and bread sales will rise. c. A permanent surplus of bread will remain on the market. d. Bakers will have higher marginal costs.
Suppose that a market for a product is in equilibrium at a price of $3 per unit. At any price below $3 per unit:
A. there will be an excess demand for the product. B. there will be an excess supply of the product. C. the quantity demanded of the product will be less than the quantity supplied of that product. D. there will be a surplus of that product.
Refer to the data. Total fixed cost is:
A. $6.25.
B. $100.00.
C. $150.00.
D. $50.00.