The Shortage Created by a Price Ceiling Will Likely Be

question 147

Multiple Choice

The shortage created by a price ceiling will likely be

• A) smaller if the good is a necessity.
• B) larger if the good is addictive.
• C) smaller if the good is a luxury.
• D) unaffected by the time that has elapsed since the price ceiling is implemented.
• E) None of the above answers is correct.

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Definitions:

Nyctal

Relating to the night; often used in the context of nyctalopia, or night blindness.

Radial Keratotomy

A surgical procedure to correct myopia (nearsightedness) by making radial incisions in the cornea to flatten it.

Photocoagulation

A medical procedure that uses light (usually a laser) to coagulate tissue, often used in treating various eye conditions, including retinal disorders.

Phacoemulsification

A modern cataract surgery technique that uses ultrasound waves to emulsify and remove the lens of the eye.