Price Ceilings Above the Equilibrium Price Result In

question 63

Multiple Choice

Price ceilings above the equilibrium price result in:

• A)market prices above the equilibrium price.
• B)a market unable to reach Pareto Efficiency.
• C)a market that is able to reach Pareto Efficiency.
• D)wealth redistribution to benefit the poor.

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Definitions:

Remedy

A means of obtaining redress or resolution to a breach of contract, harm, or wrongful act within the legal system.

Breach Of Contract

The failure to fulfill the terms of a contract without lawful excuse, which may lead to legal action or damages.

Unilateral Mistake

A mistake made by only one of the parties about the terms of a contract.

Duress

The act of compelling someone to act against their will by use of threats, force, or coercion.