Which of the Following Statements Is True If the Government

question 12

Multiple Choice

Which of the following statements is true if the government places a price ceiling on petrol at €1.50 per litre and the equilibrium price is €1.00 per litre?

• A) A significant increase in the demand for petrol could cause the price ceiling to become a binding constraint.
• B) A significant increase in the supply of petrol could cause the price ceiling to become a binding constraint.
• C) There will be a shortage of petrol.
• D) There will be a surplus of petrol.

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Definitions:

Information Technologies

Systems and tools designed for acquiring, processing, storing, and disseminating various kinds of data and information, playing a critical role in modern organizational and societal operations.

Network Organization

An organizational structure emphasizing less hierarchical, more flexible, and interconnected arrangements, often through the use of technology.

Innovation

The process of creating new ideas, products, or methods that bring improvement or address specific challenges.

Lateral Communication

The exchange of information between individuals at the same hierarchical level within an organization.