Assume an Industry Initially in Equilibrium Has a Price Ceiling

question 171

Multiple Choice

Assume an industry initially in equilibrium has a price ceiling imposed at a price below the equilibrium price. Total revenue received by the producers from sales will:

• A)​rise as a result.
• B)​rise as a result only if supply is inelastic.
• C)​rise as a result only if demand is inelastic.
• D)​fall as a result.

---

Definitions:

Animal Behavior

The study of the various actions and interactions of animals, including communication, feeding, mating, and movement patterns.

Stimuli

Stimuli are changes in the external or internal environment that evoke a response from organisms or individual cells.

Adaptations

Modifications or adjustments in structure, function, or behavior that make a species more suited to its environment.

Imprinting

(1) The expression of a gene based on its parental origin; also called genomic imprinting or parental imprinting. (2) A type of learning by which a young bird or mammal forms a strong social attachment to an individual (usually a parent) or object within a few hours after hatching or birth.