When the Government Controls the Price of a Product, Causing

question 79

Multiple Choice

When the government controls the price of a product, causing the market price to be above the free market equilibrium price,

• A) all producers gain.
• B) both producers and consumers gain.
• C) only consumers gain.
• D) some, but not all, sellers can find buyers for their goods.

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Definitions:

Jesus Christ

A central figure in Christianity, believed by Christians to be the son of God and the savior of humanity.

Great Awakening

A series of religious revivals in the American colonies during the 18th century, marked by a resurgence of evangelical fervor and the spread of new religious movements.

Georgia Colony

A British colony established in 1732, the last of the original Thirteen Colonies, named after King George II of Great Britain.