If the Equilibrium Price for Some Product Is $1000, a Price

question 111

Multiple Choice

If the equilibrium price for some product is $1000, a price ceiling of $1200 will result in

• A) the same general effects as an administered price of $1200.
• B) massive surpluses of the good.
• C) the same general effects as a price floor of $1200
• D) no effects because the price ceiling is not binding at that price.
• E) the same general effects as a price ceiling of $600.

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