Multiple Choice
When the government imposes a binding price ceiling, it causes
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- 1. Introduction to Macroeconomics1h 57m
- 2. Introductory Economic Models59m
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- 24. Macroeconomic Schools of Thought40m
- 25. Dynamic AD/AS Model35m
- 26. Special Topics11m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors
Price Ceilings, Price Floors, and Black Markets
Multiple Choice
Which of the following statements regarding the expected effects of a price control imposed on a competitive market is false?
A
A price floor above the competitive equilibrium price will result in a surplus.
B
A price ceiling above the competitive equilibrium price will result in a surplus.
C
A price ceiling below the competitive equilibrium price will result in a shortage.
D
A nonbinding price floor will result in a quantity exchanged that is equal to the equilibrium quantity