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; Q1b)$500; Q3c)$500; Q2d)$600; Q1Answer: 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:
This is the end of the preview.
access the rest of the document.