If a Binding Price Ceiling Is in Effect and If

question 32

Multiple Choice

If a binding price ceiling is in effect and if the demand for the product increases, one consequence would be

• A) an increase in the amount of excess demand.
• B) a decrease in the amount of excess supply.
• C) a decrease in the amount of excess demand.
• D) no change in the excess supply or demand for the product.
• E) an increase in the amount of excess supply.

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