If a Price Ceiling Is Binding

question 53

Multiple Choice

If a price ceiling is binding:

• A)the equilibrium price is above the ceiling and there will be a shortage
• B)the equilibrium price is above the ceiling and there will be a surplus
• C)the equilibrium price is below the ceiling and there will be a shortage
• D)the equilibrium price is below the ceiling and there will be a surplus

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Definitions:

New France

A territory in North America colonized by France from the 16th to the 18th century, including parts of what are now Canada and the United States.

Jesuits

A religious order of the Catholic Church founded by Ignatius of Loyola, known for its educational, missionary, and charitable works.

Huron

Indigenous peoples of North America who originally inhabited the area of what is now Ontario, Canada, known for their farming and trading.

Large-Scale Conversions

The widespread adoption of a new religion or belief system by a large group of people, often occurring rapidly.