Suppose That the Free-Market Equilibrium Price of Natural Gas Would

question 21

Multiple Choice

Suppose that the free-market equilibrium price of natural gas would be $2.00 per unit, but toprotect consumers the government has fixed the price at $1.50. At this ceiling price the quantitywill be greater than the quantity _, resulting in a _ of natural gas.

• A) demanded; supplied; shortage
• B) demanded; supplied; reduction in equilibrium price
• C) demanded; supplied; surplus
• D) supplied; demanded; surplus
• E) supplied; demanded; shortage

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Definitions:

Savings Account Trust

A trust account set up at a bank or financial institution, where money is held under a trust agreement for the benefit of the beneficiaries.

Intestacy Statutes

Laws that govern the distribution of a person's estate if they die without a valid will, determining how their assets are divided among surviving relatives.

Legally Adopted

Refers to the formal process by which an adult becomes the legal parent of someone who is not their biological child.

Probated

The legal process of proving and registering the last will of a deceased person in court.