Suppose the equilibrium price of a given good is $14, and the government imposes a price ceiling at $11. Which of the fo
Posted: Wed Jul 06, 2022 6:18 am
Suppose the equilibrium price of a given good is $14, and thegovernment imposes a price ceiling at $11. Which of the followingis the most likely result?
Group of answer choices
Another rationing device will be used to distribute the goodamong buyers.
This will cause a shortage, so some buyers and sellers will riskbreaking the law in order to exchange the good at a prohibitedprice.
Some buyers will be worse off with the lower price because theymay not be able to obtain the good.
All of the above
Group of answer choices
Another rationing device will be used to distribute the goodamong buyers.
This will cause a shortage, so some buyers and sellers will riskbreaking the law in order to exchange the good at a prohibitedprice.
Some buyers will be worse off with the lower price because theymay not be able to obtain the good.
All of the above