One Likely Result of a Price Ceiling Is That

question 246

Multiple Choice

One likely result of a price ceiling is that:

• A) a surplus of product would result.
• B) the price charged in the market would be above the equilibrium price.
• C) the price charged in the market would be the equilibrium price.
• D) the available product must be rationed.
• E) the market supply curve will shift to the right.

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Definitions:

Postage

The fee charged for the service of mailing letters and packages.

Publisher

An individual or company that prepares and issues books, journals, music, or other works for sale.

Equitable Remedies

Judicial orders enforcing a party to act or refrain from acting, which are granted when legal damages are not a sufficient remedy.

Plaintiff

The person or party who initiates a lawsuit (also known as an action) before a court by filing a complaint with the clerk of the court against the defendant(s). Also known as claimant or complainant.