Price Ceilings Result in Shortages

question 178

True/False

Price ceilings result in shortages.

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Definitions:

Rival Consumption

A situation where the consumption of a good by one individual prevents simultaneous consumption by other individuals.

Excludable

A characteristic of a good or service where it's possible to prevent individuals who have not paid for it from having access.

Television Signal

The electronic waves transmitted from a broadcast station that carry audio and visual information to televisions.

Nonrival Consumption

A characteristic of goods where one person's consumption does not reduce availability or enjoyment of the good for others.