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If a binding price ceiling is imposed in the market

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4) If a binding price ceiling is imposed in the market for apartments, the price of an apartment is _____ and there are ______ apartments supplied a) $500; Q 1 b) $500; Q 3 c) $500; Q 2 d) $600; Q 1 Answer: C 5) After the imposition of the binding price ceiling there is an: 6) Which of the following is not a predictable result of a price ceiling? 7) Which of the following statements regarding price floors is true? 8) If a price ceiling is imposed above the equilibrium price, what is the effect? a) There is no visible effect on the market outcome. b) A shortage results. c) A surplus results. d) The quantity demanded will decrease. Answer: A 9) The graphical result of a price floor is: 10) A binding minimum wage is a type of:
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