If the Equilibrium Price of Good X Is $4 and a Price

question 56

Multiple Choice

If the equilibrium price of good X is $4 and a price ceiling is imposed at $5, the result will be a(n) :

• A) depletion of inventories.
• B) shortage.
• C) surplus.
• D) equilibrium.

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Definitions:

Encephalitis

An inflammation of the brain often caused by viral infections.

Schacter

Daniel Schacter, a psychologist known for his research on memory and the cognitive processes involved in remembering and forgetting.

Anterograde Amnesia

A condition characterized by the inability to form new memories following the onset of the disorder, though long-term memories created before the injury may remain intact.

Retrograde Amnesia

Amnesia concerning old events. Contrast with anterograde amnesia.