Which Would Be the Least Likely Result of a Price

question 195

Multiple Choice

Which would be the least likely result of a price ceiling imposed in the market for gasoline?

• A) Buyers line up to buy gasoline.
• B) Buyers bribe station attendants to fill up their tanks.
• C) Some buyers will get less gasoline than they want.
• D) Competition in the market will be eliminated.

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Definitions:

Payroll Tax

Taxes imposed on employers or employees, usually calculated as a percentage of the salaries that employers pay their staff.

Personal Income Tax

A levy imposed by governments on the income of individuals, where the tax rates typically vary based on income levels.

Medicare Tax

A tax that funds Medicare, a U.S. government health insurance program for individuals aged 65 and over or with certain disabilities.

Direct Tax

is a type of tax directly imposed on individuals or entities, such as income tax and property tax, which cannot be passed onto others.