A Price Ceiling Set Below the Equilibrium Price Causes a Surplus

question 24

True/False

A price ceiling set below the equilibrium price causes a surplus.

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Definitions:

Simplify

To alter an expression into its most reduced or simplest form, making it easier to understand or solve.

Least Common Multiple

The smallest positive integer that is a multiple of two or more integers.

Expressions

Mathematical phrases that can represent numbers, operations, and/or variables but do not include an equality sign.

Expressions

Mathematical phrases that can contain numbers, variables, operators and can be evaluated to a value.