The Shortages Associated with a Binding Price Ceiling Will Be

question 1

Multiple Choice

The shortages associated with a binding price ceiling will be the smallest when

• A)supply is highly elastic and demand is highly inelastic.
• B)supply is highly inelastic and demand is highly elastic.
• C)both supply and demand are highly elastic.
• D)both supply and demand are highly inelastic.
• E)none of the above-the size of the shortage has nothing to do with demand and supply elasticities.

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