A Price Ceiling Set Below the Equilibrium Price Will

question 71

Multiple Choice

A price ceiling set below the equilibrium price will

• A) clear the market for the good.
• B) result in a shortage of the good.
• C) result in a surplus of the good.
• D) induce new firms to enter the industry.

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Definitions:

1964 Alaskan Earthquake

A powerful seismic event that struck Southcentral Alaska on March 27, 1964, also known as the Great Alaskan Earthquake, the second most powerful earthquake ever recorded.

Plate Tectonics

The scientific theory explaining the movement of the Earth's lithosphere through processes such as spreading, subduction, and collision, which results in the formation of mountains, earthquakes, and volcanoes.

USGS Geologist

A scientist specializing in the study of the Earth and its processes, who works for the United States Geological Survey.

Oceanic Crust

The relatively thin part of the Earth's crust that underlies the ocean basins, composed of dense basaltic rock.