A Price Ceiling Is

question 68

Multiple Choice

A price ceiling is

• A) a minimum price set by government that sellers must charge for a good.
• B) a maximum price set by government that sellers may charge for a good.
• C) the difference between the initial equilibrium price and the equilibrium price after a decrease in supply.
• D) the minimum price that consumers are willing to pay for a good.

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Definitions:

Complex Carbohydrate

Carbohydrates consisting of long chains of monosaccharide units bound together, offering energy and fiber.

Sucrose

A disaccharide composed of glucose and fructose, commonly known as table sugar and used as a sweetener and preservative.

Gallbladder

A small organ located under the liver that stores bile, a fluid produced by the liver to digest fats.

Bile

Bile is a digestive fluid produced by the liver and stored in the gallbladder, aiding in the digestion and absorption of fats in the small intestine.