If the Government Set a Price Ceiling of 50 Cents

question 254

Multiple Choice

If the government set a price ceiling of 50 cents for a gallon of gasoline,the most likely consequence would be

• A)a surplus of gasoline.
• B)the demand for automobiles fall.
• C)shipping costs rise.
• D)a shortage of gasoline.

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Definitions:

Credit Postings

Entries that increase liabilities, revenue, or equity accounts, or decrease asset or expense accounts.

T Account

A skeleton version of a standard account, used for demonstration purposes.

Debit Side

The left side of an account in double-entry bookkeeping, used to record increases in assets and expenses or decreases in liabilities and equity.

Credit Side

The right side of an accounting ledger where credits are recorded, typically increasing liabilities and equity or decreasing assets.