If the Equilibrium Price of Widgets Is $22, and Then

question 98

Multiple Choice

If the equilibrium price of widgets is $22, and then a price ceiling of $24 is imposed by the government, as a result,

• A)​there will be no effect on the widget market.
• B)​there will be a shortage of widgets.
• C)​there will be a surplus of widgets.
• D)​the price of widgets will increase.

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Definitions:

Horace Mann

Known as the "Father of American Public Education," he was a pioneering advocate for public education reform in the United States during the 19th century.

Public Schools

Schools that are funded and run by the government, providing free education to students within a certain geographical area.

Social Stability

The condition in which a society is steady and functioning without abrupt changes, maintaining harmony and continuity over time.

Social Advancement

The process of improving the social status of individuals or groups, often through education, employment, or political reform.