If a Binding Price Ceiling Is Set in the Market

question 93

Multiple Choice

If a binding price ceiling is set in the market shown in the graph:

• A) quantity demanded will exceed quantity supplied.
• B) quantity supplied will exceed quantity demanded.
• C) the demand curve will have to shift.
• D) the supply curve will have to shift.

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Definitions:

Acquired

Something that is gained or obtained through one's actions or effort, rather than by inherence or natural occurrence.

Recognize Himself

The ability of an individual to identify their own reflection or image as being themselves.

Cognitive Representation

The way in which information is stored and organized in the mind.

Self-orientation

The degree to which an individual's behavior is guided by their own personal beliefs, desires, and values.