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.

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