Concerned about the political fallout from rising college tuition, the U.S. government decides to impose a price ceiling on tuition of $25,000 a student. If more colleges opened and drove the equilibrium price to $20,000 a student, of college education would emerge. The U.S. market for college education would be OA. a shortage; efficient OB. a shortage; inefficient OC. neither a surplus nor a shortage; efficient OD. a surplus; efficient OE. a surplus; inefficient

Concerned about the political fallout from rising college tuition, the U.S. government decides to impose a price ceiling on tuition of $25,000 a student. If more colleges opened and drove the equilibrium price to $20,000 a student, of college education would emerge. The U.S. market for college education would be OA. a shortage; efficient OB. a shortage; inefficient OC. neither a surplus nor a shortage; efficient OD. a surplus; efficient OE. a surplus; inefficient

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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