If the Equilibrium Price for Some Product Is $1000,a Price

question 66

Multiple Choice

If the equilibrium price for some product is $1000,a price ceiling of $800 will result in

• A)the same general effects as a price ceiling of $1200.
• B)the same general effects as a price floor of $1200.
• C)the same general effects as a price ceiling of $600.
• D)massive surpluses of the good.
• E)no effects because the price ceiling is not binding at that price.

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Definitions:

Pie

A baked dish typically made with a pastry dough casing that contains a filling of various sweet or savory ingredients.

Total Utility

The complete fulfillment obtained through the consumption of a specified quantity of products or services.

Macaroni and Cheese

A popular dish made with cooked macaroni pasta and a cheese sauce, often baked to finish.

Serving

Serving refers to the act of presenting food or drinks to someone, typically in a restaurant or hospitality context.