ssion X Bb Lesson 5.1 Homework - X Bb Take Test: Lesson 5.1 H X Price ceilings and price x Q CHAPTER 6 Flashcards x G effective ompass2g.illinois.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_163655_1&course_id=_52245_1&new... Question Completion Status: QUESTION 4 In order to be effective, a price floor O must be set above equilibrium price. O must be set at equilibrium price. must be set below equilibrium price. must be a zero price. QUESTION 5 In the recent years, prices of basic food commodities such as corn, rice, and wheat have increased sharply. A recent article in the Wall Street Journal states that Chinese authorities are concerned that escalating prices will cause inflation and be followed by civil unrest. (Source: Wall Street Journal, February 20, 2011) If the Chinese government sets a price ceiling below the equilibrium price, the result will be I. an increase in the quantity demanded. Il. a decrease in the quantity supplied. Ill. a shortage. O Ill only I only I and II only O I, Il, and Ill QUESTION 6 Market for Good X Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All