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Author Question: If a government imposed price ceiling legally sets the price of beef below market equilibrium, which ... (Read 134 times)

moongchi

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on: Jun 30, 2018
If a government imposed price ceiling legally sets the price of beef below market equilibrium, which of the following will most likely happen?
 a. The quantity of beef demanded will decrease.
  b. The quantity of beef supplied will increase.
  c. There will be a surplus of beef.
  d. There will be a shortage of beef.

Question 2

A price ceiling that sets the price of a good below market equilibrium will cause:
 a. An increase in quantity demanded of the good.
  b. A decrease in quantity supplied of the good.
  c. A shortage of the good.
  d. All of these.


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wfdfwc23

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

d


moongchi

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Reply 2 on: Jun 30, 2018
Excellent

FergA

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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