If an Effective Ceiling Price Is Placed on Hamburgers, Then

question 160

Multiple Choice

If an effective ceiling price is placed on hamburgers, then

• A) the quantity demanded will exceed the quantity supplied.
• B) a black market for hamburgers may evolve.
• C) the price charged will be below the market-clearing price.
• D) All of these are likely outcomes.

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Definitions:

John Adams

The second President of the United States (1797-1801), a Founding Father, and a key figure in the American Revolution and the drafting of the Declaration of Independence.

Samuel Adams

An American statesman, political philosopher, and one of the Founding Fathers of the United States, known for his role in the American Revolution.

Paul Revere

An American silversmith, engraver, early industrialist, and a Patriot in the American Revolution, best known for his midnight ride to alert the colonial militia of the approaching British forces.

Boston Massacre

A confrontation on March 5, 1770, in which British soldiers killed five civilian men in Boston, escalating tensions that led to the American Revolutionary War.