A Binding Price Ceiling Will Have Which of the Following

question 69

Multiple Choice

A binding price ceiling will have which of the following consequences?

• A) There will be downward pressure on prices until quantity demanded equals quantity supplied.
• B) There will be upward pressure on prices until quantity demanded equals quantity supplied.
• C) There are no consequences to a binding price ceiling.
• D) The quantity demanded will always exceed the quantity supplied.
• E) The quantity demanded will always be smaller than the quantity supplied.

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Definitions:

Elements

Elements are the basic components or essential parts that make up something, such as the periodic table elements in chemistry or the parts of a legal claim.

Offeree

is the person or entity to whom an offer is made, especially in the context of contracts, who has the power to accept or decline the offer presented.

Wrong Address

An incorrect or inaccurate address used in mailing or delivery, leading to misdelivery or non-receipt of items.

Acceptance

Acceptance in contract law refers to the express or implied agreement to the terms of an offer, forming a binding contract.