A Price Ceiling Is Binding When It Is Set

question 31

Multiple Choice

A price ceiling is binding when it is set

• A)above the equilibrium price,causing a shortage.
• B)above the equilibrium price,causing a surplus.
• C)below the equilibrium price,causing a shortage.
• D)below the equilibrium price,causing a surplus.

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Definitions:

Numerate

Having the ability or skill to perform basic mathematical operations and understand quantitative information.

School Reforms

Changes implemented in the education system to improve quality, accessibility, and relevance of education to meet changing societal needs.

Mentoring

The practice of providing guidance, advice, and support by a more experienced or knowledgeable person to help and encourage the development of another individual.

Vouchers

Certificates or coupons that can be exchanged for goods, services, or discounts, often used in educational and welfare policies.