Suppose the Free- Market Equilibrium Price for Ice Time at Privately

question 26

Multiple Choice

Suppose the free- market equilibrium price for ice time at privately operated hockey arenas is $250 per hour. If the municipal government imposes a price ceiling of $130 per hour, we can expect to see

• A) an excess supply of ice time.
• B) an adjustment of the free- market equilibrium price to $100.
• C) an excess demand for ice time.
• D) that neither excess supply nor excess demand is created.
• E) a black market price below the free- market equilibrium price.

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