-In the Above Figure, a Price Ceiling of $4 Would

question 286

Multiple Choice

-In the above figure, a price ceiling of $4 would

• A) result in a shortage in the long run.
• B) result in a surplus in the long run.
• C) have no effect.
• D) result in a surplus in the short run but have no effect in the long run.

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Definitions:

Optimistic Outlook

The tendency to maintain a positive attitude and expect good outcomes even in face of difficulties.

Empirical Approach

A method of inquiry that relies on direct and indirect observation or experience, as well as empirical evidence, to gain knowledge, often used in scientific research to test hypotheses and theories.

Physical Health

Pertains to the well-being of the body, free from illness, injury, or pain, and the maintenance thereof through nutrition, exercise, and lifestyle habits.

Speculation

Inference or consideration of a subject without firm evidence.