Question: please help, im not sure Question 14 All else being equal, a binding price ceiling will cause greater shortage if: O both supply and demand

please help, im not sure

Question 14 All else being equal, a binding price ceiling will cause greater shortage if: O both supply and demand are inelastic O both supply and demand are elastic O supply is elastic, but demand is inelastic O supply is inelastic, but demand is elastic

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1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.

4. It is only at this point that you can give the problem your full attention in relation to the various ways you have framed the problem.