Question 23 Katherine is the president of the United States. In an attempt to make gasoline prices cheaper, she has imposed a binding price ceiling on gas. What would she expect her critics to say? The binding price ceiling will cause firms to produce only gasoline of the highest quality. O The binding price ceiling will encourage oil companies to deplete the resource too quickly. The binding price ceiling will cause firms to minimize their spending on the research and development of alternatives to gasoline. O The binding price ceiling will increase the likelihood that customers obtain needed gasoline on the black market. O The binding price ceiling will discourage individuals from using their personal automobiles to commute to work or school.
Question 23 Katherine is the president of the United States. In an attempt to make gasoline prices cheaper, she has imposed a binding price ceiling on gas. What would she expect her critics to say? The binding price ceiling will cause firms to produce only gasoline of the highest quality. O The binding price ceiling will encourage oil companies to deplete the resource too quickly. The binding price ceiling will cause firms to minimize their spending on the research and development of alternatives to gasoline. O The binding price ceiling will increase the likelihood that customers obtain needed gasoline on the black market. O The binding price ceiling will discourage individuals from using their personal automobiles to commute to work or school.
Chapter2: Using Economics To Study Health Issues
Section: Chapter Questions
Problem 1QAP
Related questions
Question
![Question 23
Katherine is the president of the United States. In an attempt to make gasoline prices cheaper, she
has imposed a binding price ceiling on gas. What would she expect her critics to say?
O The binding price ceiling will cause firms to produce only gasoline of the highest quality.
O The binding price ceiling will encourage oil companies to deplete the resource too quickly.
The binding price ceiling will cause firms to minimize their spending on the research and development of
alternatives to gasoline.
O The binding price ceiling will increase the likelihood that customers obtain needed gasoline on the black
market.
The binding price ceiling will discourage individuals from using their personal automobiles to commute to
work or school.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd54fbc2-091c-4efc-a0ae-33f00779b90d%2F6a3603e1-089c-40f9-99d8-fb9985f728ff%2Fx61dtal_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 23
Katherine is the president of the United States. In an attempt to make gasoline prices cheaper, she
has imposed a binding price ceiling on gas. What would she expect her critics to say?
O The binding price ceiling will cause firms to produce only gasoline of the highest quality.
O The binding price ceiling will encourage oil companies to deplete the resource too quickly.
The binding price ceiling will cause firms to minimize their spending on the research and development of
alternatives to gasoline.
O The binding price ceiling will increase the likelihood that customers obtain needed gasoline on the black
market.
The binding price ceiling will discourage individuals from using their personal automobiles to commute to
work or school.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![EBK HEALTH ECONOMICS AND POLICY](https://www.bartleby.com/isbn_cover_images/9781337668279/9781337668279_smallCoverImage.jpg)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![MACROECONOMICS](https://www.bartleby.com/isbn_cover_images/9781337794985/9781337794985_smallCoverImage.gif)
![EBK HEALTH ECONOMICS AND POLICY](https://www.bartleby.com/isbn_cover_images/9781337668279/9781337668279_smallCoverImage.jpg)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![MACROECONOMICS](https://www.bartleby.com/isbn_cover_images/9781337794985/9781337794985_smallCoverImage.gif)
![Essentials of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337091992/9781337091992_smallCoverImage.gif)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Principles of Microeconomics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305971493/9781305971493_smallCoverImage.gif)
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:
9781305971493
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning