If a Price Ceiling of $2 Per Gallon Is Imposed

question 39

True/False

If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium price is $1.50, then the price ceiling is a binding constraint on the market.

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Definitions:

SmartArt Graphic

A feature in Microsoft Office programs that allows users to create diagrams and charts to visually communicate information.

Intersection

A point or area where two or more paths, subjects, or elements meet or cross.

Row

A horizontal series of cells in a table or a spreadsheet.

Column

A vertical arrangement of data in a table or spreadsheet, typically containing all information pertinent to a single field within the database or sheet.