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

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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:Ā 
Ā 
(i) floor.Ā 
(ii) ceiling.
(iii) subsidy.
(iv) support.

Ā 

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