When the Government Sets a Price That Is Above the Equilibrium

question 259

Multiple Choice

When the government sets a price that is above the equilibrium price in a market:

• A)new firms will enter the industry.
• B)there will be a surplus in the market.
• C)there will be a shortage in the market.
• D)quantity demanded in the market will equal quantity supplied.

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Definitions:

Remorse

A deep feeling of regret or guilt for a wrong committed.

Repentance

The feeling of remorse or regret for past wrongs and the commitment to change for the better.

Antisocial Personality Disorder

A mental condition in which a person consistently shows no regard for right and wrong and ignores the feelings and rights of others.

Lack of Conscience

A deficit in or absence of moral awareness or consideration for right and wrong.