The Table Given Below Reports the Quantity Demanded and Supplied

question 66

Multiple Choice

The table given below reports the quantity demanded and supplied of a commodity at different prices in a market.Table 3.5

-Which of the following is not an example of a price ceiling?

• A)The Chinese government sets the price of housing in China below equilibrium.
• B)The government of the former Soviet Union sets the price on food below those prevailing in the free market.
• C)In the 1970s, the Nixon administration imposed wage and price controls, thereby keeping wages and prices from rising.
• D)In the late 1970s, the U.S. government required gasoline to be sold at a price per gallon that was below what would have prevailed in a free market.
• E)The U.S. government requires that sugar be sold at a price that exceeds the world price of sugar.

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Definitions:

Rewarding

Offering satisfaction, happiness, or benefits, usually as a result of one's efforts or achievements.

Nature and Roles

refers to the intrinsic characteristics of entities or individuals and the functions or positions they are expected to occupy in a system or society.

Dependence

The state of relying on or being controlled by someone or something else.

Incur Costs

To become subject to or bear expenses, often as a result of conducting activities, making decisions, or entering into transactions.