If the government establishes a price ceiling BELOW the equilibrium price in themarket for apartments, which of the following is mostly likely to occur? *a surplus of apartmentsa shortage of apartmentsan excess supply of apartmentsan increase in the mitum wageO nothingIf consumers expect the future price of large screen HD TVs to increase, what willbe the current effect on the price and quantity sold now?O Price will increase and quantity sold will decrease.Price will decrease and quantity sold will increase.Price will decrease and quantity sold will decrease.Price will be indeterminate and quantity will decrease.Price will increase and quantity sold will increase.

Equilibrium is achieved at the output level where Qs equals Qd.

Answered: If the government establishes a price…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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