Which of the following statements best describes price ceilings?
a. A price ceiling that is set at a relatively high level is nonbinding.
b. A price ceiling that is set at a relatively low level is nonbinding.
c. A price ceiling that is set at a relatively high level will have no practical effect unless the equilibrium price falls below the price ceiling.
d. A price ceiling that is set at a relatively low level will have no practical effect unless the equilibrium price soars high enough to exceed the price ceiling.
a. A price ceiling that is set at a relatively high level is nonbinding.
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What will be an ideal response?
Mutual savings banks are owned by
A) shareholders. B) partners. C) depositors. D) foreign investors.
Which of the following examples would lead to a higher equilibrium price?
a. a report showing the health risks of consuming sugary drinks b. a publicized defect of an HDTV c. a widespread fire destroying timber d. favorable weather causing a bumper orange crop
The computation of GDP by adding up the dollar value at current market prices of all final goods and services is
A. the income approach. B. transfer payments. C. the value of all securities. D. the expenditure approach.