Suppose the government imposes a price ceiling above the equilibrium price of a given good. Which of the following is the most likely result?
a) Some other rationing device will emerge to allocate the good among buyers.
b) Some buyers and sellers will be willing to risk breaking the law in order to exchange the goods.
c) No change will occur in the market.
d) There may be buyers who are willing to pay quite high prices so they can consume more than what they are consuming now.
e) a, b, and d
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Suppose the government imposes a price ceiling above the equilibrium price of a given good. Which of the following is the most likely ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
A price tag of $4 for a portable power bank is an example of money as A) a medium of exchange. B) a unit of accounting. C) a store of value. D) a time deposit.
Answers (1)
Jules quit his job at a software company. Explain if he can collect unemployment insurance.
Answers (1)
Which of the following statements is FALSE? A. While many private not-for-profit organizations use funds for internal purposes, the financial statements do not report separate funds B.
Answers (1)
You are selecting a new dishwasher. you do about 150 loads per year. the less efficient model uses 9 gallons per load. the more efficient model uses 6 gallons per load. how many gallons of water will be saved over the course of a year
Answers (1)
When a corporation has both common stock and preferred stock outstanding: Multiple Choice A. preferred stockholders receive the same dividend per share as common stockholders. B.
Answers (1)
New Questions in Business
The United States trade deficit first became a problem in the 1970s because? a. The prices of imports from Japan increased dramatically. b. The prices of imports from China increased dramatically. c. The price of foreign oil was raised by APEC. d.
Answers (1)
This document is published by the Office of Inspector General (OIG) every year. It details the OIG's focus for Medicare fraud and abuse for that year.
Answers (1)
Equity theory is the principle that when jobs are distinctly different but entail similar levels of ability, responsibility, skills, and working conditions, they are of equal value and should have the same pay scale. True False
Answers (1)
Which of the following situations will likely result in the highest price for a good? -high demand and high supply -low demand and high supply -low supply and low demand -low supply and high demand
Answers (1)
Which statement is not true? 26% of fortune 500 CEOs are women More than 50% of all professional level jobs are healed by women 8.1% of the top earners or women 4.6% of fortune 500 CEOs are women
Answers (1)