객관식
Which of the following best describes the price strategy of unbundling?
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5. Consumer and Producer Surplus; Price Ceilings and Floors
Price Ceilings, Price Floors, and Black Markets
객관식
A price ceiling is a legislated price that is:
A
set at the equilibrium price, allowing the market to clear
B
set above the equilibrium price, making it illegal to charge a lower price
C
set below the equilibrium price, making it illegal to charge a higher price
D
set by the government to maximize producer surplus
검증된 단계별 안내1
Understand the concept of a price ceiling: it is a legal maximum price that sellers can charge for a good or service.
Recall that the equilibrium price is where the quantity demanded equals the quantity supplied in a free market without intervention.
Recognize that if a price ceiling is set above the equilibrium price, it is non-binding and does not affect the market because the market price is already lower.
Note that if a price ceiling is set at the equilibrium price, the market clears normally, so it has no effect.
Identify that a binding price ceiling must be set below the equilibrium price, which prevents prices from rising to the equilibrium level and makes it illegal to charge a higher price.
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