If a Binding Price Ceiling Were Placed in the Market

question 111

Multiple Choice

If a binding price ceiling were placed in the market in the graph shown:

• A) quantity demanded would exceed quantity supplied.
• B) quantity supplied would exceed quantity demanded.
• C) the demand curve would have to shift.
• D) the supply curve would have to shift.

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Definitions:

Employer-Independent Contractor

A relationship characterized by the hiring party engaging a worker as an independent contractor rather than an employee, with less oversight and regulation.

Employment Discrimination

Unfair or unfavorable treatment of employees or job applicants based on race, color, religion, sex, national origin, age, disability, or genetic information.

Workers' Compensation

Workers' compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue their employer.

Durable

Capable of withstanding wear, pressure, or damage; made to last.