If a Price Ceiling of $2 Per Gallon Is Imposed

question 39

True/False

If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium price is $1.50, then the price ceiling is a binding constraint on the market.

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Justices

Justices refer to judges of the highest court in a country, such as the Supreme Court in the United States, responsible for interpreting the law and constitution in legal cases.

Democratic Presidents

Presidents of the United States who are members of the Democratic Party, one of the two major contemporary political parties in the country.

Nine Justices

The number of judges who sit on the bench of the Supreme Court of the United States, making decisions on cases of national importance.

American History

The study and examination of the events, people, cultures, and interactions that have shaped the United States from its beginnings to the present day.