6.3 Controlling Prices-Maximum and Minimum Prices

question 47

Multiple Choice

6.3 Controlling Prices-Maximum and Minimum Prices

Figure 6.6
-Refer to Figure 6.6.If the government will not allow landlords to charge more than $400 for an apartment,which of the following will happen?

• A) Demand must eventually decrease so that the market will come into equilibrium at a price of $400.
• B) Supply must eventually increase so that the market will come into equilibrium at a price of $400.
• C) There will be an excess demand for apartments.
• D) The market will be in equilibrium at a price of $400.

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Definitions:

Noncustodial Father

A father who does not have legal custody of his child, meaning the child resides primarily with the other parent.

Custodial Parent

The parent granted primary physical and/or legal guardianship of a child by a court order.

Stepfather

Stepfather is a man who is married to one's parent after the divorce or separation of one's biological parents, or the death of one's biological father, and who may serve as a parental figure.

Stepparent

An individual who is married to a person who has one or more children from a previous relationship, but is not their biological parent.