If the Government Sets a Maximum Price for Gasoline Above

question 22

Multiple Choice

If the government sets a maximum price for gasoline above the equilibrium price,

• A) quantity demanded of gasoline will be equal to quantity supplied of gasoline.
• B) there will be excess demand for gasoline.
• C) there will be excess supply for gasoline.
• D) demand for gasoline will be less than supply for gasoline.

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Definitions:

Continuum

A continuous sequence or range of values, elements, or conditions where there are no sudden jumps or discrete boundaries.

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A mental health condition characterized by persistent feelings of sadness, hopelessness, and a lack of interest or pleasure in activities.

Interpret

To explain the meaning of something or understand something in a specific way.