If a Legal Ceiling Price Is Set Above the Equilibrium

question 53

Multiple Choice

If a legal ceiling price is set above the equilibrium price:

• A)a shortage of the product will occur
• B)a surplus of the product will occur
• C)an underground market will evolve
• D)neither the equilibrium price nor equilibrium quantity will be affected
• E)a surplus for the product will first appear and then disappear

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Definitions:

Supply-Side Economists

Economists who believe that reducing barriers to production and encouraging the supply of goods and services is the most effective way to stimulate economic growth.

Incentives

Rewards or penalties intended to motivate specific behaviors or actions among individuals or entities.

Yield Curve Spread

The difference in yields between two different debt instruments, often used to gauge economic expectations.

T-Bond Yield

The annual return investors earn on U.S. Treasury bonds, which is a benchmark for long-term interest rates.