What is apriceceiling?

Select one:

a.A government regulation to set either a maximum or minimum price for a product.

b.A method of allocation where producers determine the price of a product.

c.A government regulation stipulating the maximum price which can be charged for a product.

d.An agreement between firms stipulating the maximum price that they will sell a product for.

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A price floor, to be effective, must be set below the equilibrium price.

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True

False

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What is apricefloor?

Select one:

a.A government regulation to set either a maximum or minimum price (e.g. min wage) for a product/service.

b.A method of allocation where producers determine the price (value) of a product/service.

c.A government regulation stipulating the maximum price (e.g. rent) which can be charged for a product/service.

d.An agreement between firms stipulating the maximum price that they will sell a product/service for.

e.A government regulation stipulating the minimum price (e.g. min wage) which can be charged (paid) for a product.

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Invariably, price floors cause shortages and price ceilings cause surpluses.

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True

False

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Which of the following statementsis trueabout rent controls?

Select one:

a.It makes more apartments available for people.

b.It can often cause a surplus of apartments.

c.It leads to a more equitable distribution of apartments.

d.It encourages increased investment in apartments.

e.It leads to a shortage of apartments.