If a Price Ceiling on Gasoline Is Imposed, the Total

question 65

Multiple Choice

If a price ceiling on gasoline is imposed, the total price of gasoline a buyer pays is likely to equal the legal price:

• A) minus the value of wasted time.
• B) minus the value of bribery.
• C) plus the value of consumer surplus.
• D) plus the value of corruption.

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Definitions:

Processed

Refers to items or data that have been altered, refined, analyzed, or prepared through a series of actions for a specific use or purpose.

Disbursement Float

The time lag between when a check is issued and when the funds are actually withdrawn from the issuer’s account.

Clear

To finalize or settle a transaction or an obligation, especially in the context of financial transactions.

Disbursement Float

The time difference between the issuance of a payment and when the funds are actually debited from the payer’s account.