If the Price Ceiling Is Set Above the Equilibrium Price

question 72

Multiple Choice

If the price ceiling is set above the equilibrium price,

• A)there will be a surplus.
• B)there will be a shortage.
• C)quantity demanded will equal quantity supplied.
• D)demand will be less than supply.

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Definitions:

Dimethylhexane

A type of hydrocarbon with various structural isomers, known for being components of gasoline and various fuels.

Hydrocarbon

Organic compounds consisting entirely of hydrogen and carbon atoms, forming the basis of all organic chemistry and fossil fuels.

Alkanes

Saturated hydrocarbons consisting of carbon and hydrogen atoms with single bonds between carbons, known for their stability and lack of reactivity.

Unsaturated Hydrocarbons

Organic compounds that contain at least one carbon–carbon double or triple bond, characterized by their ability to undergo addition reactions.