When binding price ceilings are imposed: a. every seller in the market benefits because of higher...
When binding price ceilings are imposed:
a. every seller in the market benefits because of higher prices.
b. some buyers will not be able to buy any of the product.
c. every buyer in the market benefits because of higher prices.
d. the quantity sellers want to sell will equal the quantity buyers want to buy.
Homework Answers
Answer
Option b
b. some buyers will not be able to buy any of the products.
A price ceiling is a maximum price can a seller charge but it should be below equilibrium price to be effective. The effective rice ceiling decreases the quantity and creates a shortage in the market so some of the buyers will not get any of the products.
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