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Which Statement(s) About Price Ceilings Are TRUE

question 235

Multiple Choice

Which statement(s) about price ceilings are TRUE?
I. Price ceilings cause quantity demanded to exceed quantity supplied.
II. When including time costs and bribes, consumers pay a total price in excess of the price ceiling.
III. All else equal, it is more wasteful to allocate goods based on bribes than on waiting time costs.


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