Suppose the market clearing price is 20 and the price ceiling is ...

[asan beg]

Suppose the market clearing price is 20 and the price ceiling is 15. The price that prevails in the market will be
 
  A) 20.
  B) 15.
  C) less than 15.
  D) 0.

Question 2

An outward bowed production possibilities curve illustrates
 
  A) inefficient production.
  B) the law of increasing additional cost.
  C) a lack of scarcity.
  D) zero opportunity cost of moving from inefficient production to currently unobtainable production.

[shaquita]

Answer to Question 1

A

Answer to Question 2

B