Suppose the Government Has Imposed a Price Ceiling on Cellular

question 237

Multiple Choice

Suppose the government has imposed a price ceiling on cellular phones.Which of the following events could transform the price ceiling from one that is binding to one that is not binding?

• A) Cellular phones become more popular.
• B) Traditional land line phones become more expensive.
• C) The components used to produce cellular phones become more expensive.
• D) A technological advance makes cellular phone production less expensive.

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