Suppose the Government Has Imposed a Price Ceiling on Televisions

question 161

Multiple Choice

Suppose the government has imposed a price ceiling on televisions.Which of the following events could transform the price ceiling from one that is not binding into one that is binding?

• A)Firms take advantage of an advance in technology that reduces the amount of labor necessary to produce televisions.
• B)The number of firms selling televisions decreases.
• C)Consumers' income decreases, and televisions are a normal good.
• D)All of the above are correct.

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