Economics: Microeconomic Analysis - Reading 15: Markets in A statements, following, white, price, style

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Q6. The effect of a price ceiling set above the equilibrium price is most accurately described by which of the following statements?

A)   Quantity demanded will exceed quantity supplied.

B)   It will have no effect on equilibrium price and quantity.

C)   Quantity supplied will exceed quantity demanded.

Q7. If a price ceiling is above the equilibrium price in a given market, its effect will most likely be:

A)   a surplus.

B)   a shortage.

C)   nothing.

Q8. New legislation setting a price ceiling will most likely cause:

A)     a market shortage.

B)     a market surplus.

C)     a decrease in demand.

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