One Likely Result of a Price Ceiling Is That

question 246

Multiple Choice

One likely result of a price ceiling is that:

• A) a surplus of product would result.
• B) the price charged in the market would be above the equilibrium price.
• C) the price charged in the market would be the equilibrium price.
• D) the available product must be rationed.
• E) the market supply curve will shift to the right.

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Definitions:

Integrity

The quality of being honest and having strong moral principles, or moral uprightness, maintaining consistency in actions, values, methods, and outcomes.

External Locus Of Control

The belief that one's life events are largely influenced by external forces or fate rather than one's own efforts or actions.

High Need For Power

A psychological trait characterized by an individual's desire for influence or control over others.

Command Theory

A principle in legal and philosophical theory that emphasizes the role of authoritative commands, issued by a sovereign, in defining law.