A. always determines the price at which a good must be sold
B. sets a legal maximum on the price at which a good can be sold
C. is not a binding constraint if it is set above the equilibrium price
D. sets a legal minimum on the price at which a good can be sold

A. a shortage or a surplus depending on whether the price ceiling is set above or below the equilibrium price
B. a surplus
C. a shortage
D. an equilibrium

A. Clothing
B. food
C. housing
D. entertainment

A. both supply and demand are inelastic
B. demand is elastic, and supply are inelastic
C. both supply and demand are elastic
D. demand is inelastic, and supply is elastic

A. both supply and demand are elastic
B. both supply and demand are inelastic
C. demand is inelastic and supply in elastic
D. demand is elastic, and supply is inelastic

A. a decrease in the price buyers pay, an increase in the price sellers receive, and a decrease in the quantity sold
B. an increase in the price buyers pay a decrease in the price sellers receive, and an increase in the quantity sold
C. a decrease in the price buyers pay, an increase in the price sellers receive and an increase in the quantity sold
D. an increase in the price buyers pay a decrease in the price sellers receive and a decrease in the quantity sold

A. supply curve downward by the size of the tax per unit.
B. Supply curve upward by the size of the tax per unit
C. demand curve upward by the size of the tax per unit.
D. demand curve downward by the size of the tax per unit

A. A significant increase in the demand for petrol could cause the price ceiling to become a binding constraint.
B. A significant increase in the supply for petrol could cause the price ceiling to become a binding constraint.
C. There will be a shortage of petrol
D. There will be surplus of petrol

A. demand is inelastic and supply in elastic
B. supply is inelastic, and demand is elastic
C. both supply and demand are elastic
D. both supply and demand are inelastic

A. The shortage created by the price ceiling is greater in the short ran than in the long run.
B. The surplus created by the price ceiling is greater in the short run than in the long run
C. The surplus created by the price ceiling is greater in the long run than in the short run
D. The shortage created by the price ceiling is greater in the long run than in the short run