If the Government Imposes a Maximum Price That Is Above

question 30

Multiple Choice

If the government imposes a maximum price that is above the equilibrium price,

• A) this maximum price will have no economic impact.
• B) quantity demanded will be less than quantity supplied.
• C) demand will be greater than supply.
• D) the available supply will have to be rationed with a nonprice rationing mechanism.

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Definitions:

Benin Ancestral Worship

A religious practice among the Edo people of Benin that involves revering ancestors through rituals, offerings, and the creation of commemorative art.

Matrilineal Lineage

The kinship system in which familial descent is traced through the mother's line rather than the father's.

African Art

Art from the African continent that encompasses a wide range of mediums, styles, and themes, reflecting the diverse cultures and histories of African peoples.

Venerate Ancestors

The practice of showing deep respect and reverence for one's forebears, often as part of cultural or religious traditions.