Author Question: Suppose the free-market equilibrium price for ice time at privately operated hockey arenas is $250 ... (Read 47 times)

ShannenConnor · **on:** Oct 12, 2022

Question 1

A price ceiling set below the free-market equilibrium price will result in
◦ greater quantity exchanged.
◦ a clearing of the market.
◦ excess supply.
◦ surpluses.
◦ excess demand.

Question 2

Suppose the free-market equilibrium price for ice time at privately operated hockey arenas is $250 per hour. If the municipal government imposes a price ceiling of $130 per hour, we can expect to see
◦ an excess demand for ice time.
◦ a hidden market price below the free-market equilibrium price.
◦ an excess supply of ice time.
◦ that neither excess supply nor excess demand is created.
◦ an adjustment of the free-market equilibrium price to $130.

Kevin5! · **Reply #1 on:** Oct 12, 2022

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