Suppose the Free-Market Equilibrium Price for Ice Time at Privately

question 114

Multiple Choice

Suppose the free-market equilibrium price for ice time at privately operated hockey arenas is $250 per hour.If the municipal government imposes a price ceiling of $130 per hour,we can expect to see

• A)an adjustment of the free-market equilibrium price to $100.
• B)an excess supply of ice time.
• C)a black market price below the free-market equilibrium price.
• D)that neither excess supply nor excess demand is created.
• E)an excess demand for ice time.

Learn about the inequities in compensation and performance feedback based on gender.

Know the benefits of matching employee diversity to customer diversity in retail settings.

Understand the effects of discrimination on employee health and job outcomes.

Recognize practices that contribute to workplace diversity and the barriers to valuing it.

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Definitions:

Scienter

Intent or knowledge.

Innocent Misrepresentation

A false statement about a fact material to an agreement that the person who made the statement believed to be true.

Mutual Mistake

The result of an error by both parties about a material fact, that is, one that is important in the context of a particular contract.

Legal Consent

The voluntary agreement from a person with full understanding of the facts and implications to participate in a specific legal act, contract, or activity.