If a binding price ceiling is imposed in the market

Info icon This preview shows page 2. Sign up to view the full content.

View Full Document Right Arrow Icon
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:
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern