Which of the following statements about a binding pr... - Solved MCQs & Answer

4199EconomicsMedium

Which of the following statements about a binding price ceiling is true?

AThe shortage created by the price ceiling is greater in the short ran than in the long run.

BThe surplus created by the price ceiling is greater in the long run than in the short run

CThe shortage created by the price ceiling is greater in the long run than in the short run

DThe surplus created by the price ceiling is greater in the short run than in the long run

Correct answer

C. The shortage created by the price ceiling is greater in the long run than in the short run

Explanation

The correct answer is The shortage created by the price ceiling is greater in the long run than in the short run.

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