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A price ceiling is

A. . a legal maximum price at which a good can be sold.
B. . a legal minimum price at which a good can be sold.
C. . typically equal to the equilibrium price of a good.
D. . a price set by government that varies with market conditions.

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If a price ceiling above the equilibrium price is imposed on gasoline, which of the following will result?

A. . There will be a surplus of gasoline.
B. . The quantity demanded will exceed the quantity supplied.
C. . The quantity supplied will exceed the quantity demanded.
D. . The quantity of gasoline demanded will equal the quantity of gasoline supplied.

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If the government establishes a legal price floor for a good, the result will be a(n):

A. . shortage of the good, but only if the floor is equal to the equilibrium price.
B. . surplus of the good, but only if the floor is above the equilibrium price.
C. . surplus of the good, but only if the floor is below the equilibrium price.
D. . shortage of the good, but only if the floor is above the equilibrium price.

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A shortage will occur if

A. . a price ceiling is set above the equilibrium price.
B. . a price ceiling is set below the equilibrium price.
C. . a price floor is set above the equilibrium price.
D. . a price floor is set below the equilibrium price.

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The cross-price elasticity of Toyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans are

A. . substitutes.
B. . complements.
C. . luxuries.
D. . Necessities.

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A price ceiling is

A. . a legal maximum price at which a good can be sold. B. . a legal minimum price at which a good can be sold. C. . typically equal to the equilibrium price of a good. D. . a price set by government that varies with market conditions.

If a price ceiling above the equilibrium price is imposed on gasoline, which of the following will result?

If the government establishes a legal price floor for a good, the result will be a(n):

A shortage will occur if

The cross-price elasticity of Toyotas and Nissans is a positive number. This would indicate that Toyotas and Nissans are

A. . a legal maximum price at which a good can be sold.
B. . a legal minimum price at which a good can be sold.
C. . typically equal to the equilibrium price of a good.
D. . a price set by government that varies with market conditions.