If an effective ceiling price is placed on hamburgers, then:
A. the quantity demanded will exceed the quantity supplied.
B. a black market for hamburgers may evolve.
C. consumers may want government to ration hamburgers.
D. All of these are likely outcomes.
Answer: D
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The real business cycle model focuses on how
A) the labor theory of value is the best measure of value of a good or service. B) productivity shocks explain fluctuations in real GDP. C) wage and price stickiness explains fluctuations in real GDP. D) the Federal Reserve should adopt a monetary growth rule.
Senior managers of a corporation can be regarded as the corporation's entrepreneurs
Indicate whether the statement is true or false
The government sets price ceilings when society believes that the market price for a particular good or service is too high
a. True b. False Indicate whether the statement is true or false
The market line must
a. pass through the risk-free asset. b. be linear. c. be tangent to the efficient set. d. all of the above.