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Economics
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27 Dec 2017

12. A price ceiling is: (a) the highest price at which sellers are willing to sell their goods. (b) a legal maximum price at which a good may be bought or sold. (c) a legal minimum price at which a good may be bought or sold. (d) the highest price at which buyers are willing to pay for goods.

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Hubert Koch
Hubert KochLv2
30 Dec 2017
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Related textbook solutions

Principles of Economics
2nd Edition, 2017
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ISBN: 9781947172364
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Related questions

Each point on a supply curve represents?

a. The highest per-unit price sellers can get for each unit over time.
b. The highest per-unit price buyers will pay for the good.
c. The lowest per-unit price buyers will accept per unit of the good.
d. The lowest per-unit price for which a supplier is willing and able to sell a particular quantity.

Do all buyers benefit from a binding price ceiling?

a. Yes, A binding price ceiling benefits all buyers because it allows them to obtain the good in the legal market.

b. No, A binding price ceiling benefits only some buyers because not all are able to obtain the good in the legal market.

c. No, A binding price ceiling benefits no buyers because sellers are unwilling to sell any of their products.

d. No, A binding price ceiling benefits only some buyers because, although the price is initially lower, it eventually increases to the equilibrium price.

e. No, A binding price ceiling benefits no buyers because they are unwilling to buy any of the products at a price higher than the equilibrium.

A legal maximum on the price at which a good can be sold is called a price: 
 
(i) floor. 
(ii) ceiling.
(iii) subsidy.
(iv) support.

 

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