A Price Ceiling Is Non-Binding When

question 68

Multiple Choice

A price ceiling is non-binding when:

• A) it is set above the equilibrium price.
• B) it is set below the equilibrium price.
• C) it reduces the output in a market.
• D) it increases the output in a market.

---

Definitions:

False Consciousness

A denial of the truth on the part of the oppressed when they fail to recognize that the interests of the ruling class are embedded in the dominant ideology.

Social System

A structured set of relationships and roles that organize groups or societies to meet basic needs.

Government's Responsibility

The obligations and duties of a government to its citizens, including providing public services, ensuring national security, and upholding laws and rights.

Poverty

A condition characterized by severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education, and information.